India is home to more than 1 billion people, and it has one of the largest economies in the world. As a result, its crypto industry has the potential to attract local as well as foreign investors. Moreover, the country’s supreme court supported the crypto industry.
The Supreme Court of India made a historic decision. A three-judge bench of the court ruled in favor of petitions by crypto exchanges and startups.
In 2018, the Reserve Bank of India banned local financial institutions form providing banking services to crypto exchanges.
According to the founder and CEO of exchange aggregator CoinDCX Sumit Gupta, this decision is going to create new opportunities.
Gupta thanked the country’s supreme court for hearing their side of the story. Also, crypto has the potential to help India to become a $5 trillion economy.
Tanvi Ratna is the CEO and founder of Policy 4.0, which works on crypto policymaking in India.
According to the CEO and founder of Policy 4.0, the supreme court’s ruling removed the biggest obstacle for the crypto industry.
India’s supreme court and Crypto exchanges
This decision will help to revive India’s crypto industry.
The Reserve Bank of India’s decision had a negative impact on the country’s crypto industry. This move forced crypto exchanges to choose from several options. The first one was to close the exchanges. The second option was to relocate to other jurisdictions.
Another option was to change their business model to crypto-to-crypto and over-the-counter trading.
Interestingly, crypto exchanges filed petitions to the supreme court in 2018. Though, it took time to reach a clear decision. Moreover, it took several rounds of hearings to achieve this result.
Some exchanges ceased to exist while the case was ongoing. The crypto industry is evolving, and crypto-related companies in India have the opportunity to take part in this process.