The Crypto industry is evolving and governments have the opportunity to support this industry. However, some of them are reluctant to embrace cryptocurrencies. Moreover, central banks of certain countries implemented regulations that had a negative impact on the crypto-related companies and the crypto industry in general. Hopefully, the Supreme Court of India ruled in favor of the crypto industry.
As a reminder, in 2018 the country’s central bank made the decision that made life harder for the crypto companies. However, recently the country’s supreme court made a historic decision. It is worth mentioning that, thanks to the decision, the local crypto industry has the chance to play a more active role and to attract investors.
Billionaire investor Tim Draper wants to invest in India. He made a comment about India’s supreme court and cryptocurrencies on March 22. According to Draper, this decision will help to rejuvenate India’s cryptocurrency sector.
Draper recently visited this country. During his visit, he met with several crypto and startups. Moreover, he wants to fund several crypto startups. As can be seen from his comments, investors are closely monitoring the situation.
India and crypto companies
Draper is not alone when it comes to the local crypto industry. For example, Binance and WazirX announced their $50 million “Blockchain for India” fund several days ago.
Moreover, crypto exchange CoinDCX also promised to allocate $1.3 million. This way CoinDCX wants to raise awareness regarding the crypto adoption in India.
It is important to mention that crypto exchanges Kraken and KuCoin are interested in the local crypto industry.
Binance and OKEx resumed their operations and it took them only a day after the ruling to restart their operations in India, through their local partners.
However, crypto investors should take into consideration that the local crypto climate is not ideal. The Indian government, as well as lawmakers, should make India more crypto-friendly.