Early last week the Supreme Court (SC) of India deemed a 2018 notification by the Reserve Bank of India (RBI) barring financial entities including banks from working with cryptocurrency related businesses as illegal. The top court’s ruling caused a rise in the crypto activity in India and also a surge of newcomers trying to hop onto the crypto bandwagon.
After nearly two years in the waiting and multiple adjourned hearings, the ruling came as a breather and new growth opportunity for many in the Indian cryptocurrency space.
Mumbai-based cryptocurrency exchange Wazirx, which enabled fiat transactions for its customers, witnessed a surge in fiat deposits and new users joining the platform.
“Within the first few hours after the SC judgement, we had thousands of new users signing up on the platform and once the fiat transactions were enabled there was a massive surge in deposits from our customers on the exchange,” Nischal Shetty founder and CEO of WazirX told Moneycontrol.
While, with this ruling, the road ahead looks clearer for the cryptocurrency and blockchain space, a lot more clarity is required in terms of regulations in this space.
According to Shetty, regulators and industry have to work together in order to build the right kind of framework to help regulate the space. “We, as part of IAMAI, are going to host a dialogue with the regulators to ensure that we can give them the right insights to help build a good framework for the space,” adds Shetty.