A day after the Indian Supreme Court removed the ban on cryptocurrency usage, the interest in the country has been spiking. While the nation prepares for the following steps, the leading Indian cryptocurrency projects, such as Matic Network and WazirX, are already feeling the positive effects.
Removes The Negative Sentiment Amongst The Average Indian
The Reserve Bank of India (RBI) placed a prohibition on cryptocurrency usage back in 2018. After almost two years of suppression, however, the country’s Supreme Court had lifted the ban yesterday, which attracted serious attention by the crypto community.
After the initial excitement, the question remained, what is the next step for India in terms of accepting digital asset trading, businesses, etc. The impact on the cryptocurrency space could be immense. After all, the country’s population represents 17% of all living souls on the planet.
“This decision does a very important thing. It removes the negative sentiment amongst the average Indian that cryptocurrencies are something grey.” Sandeep Naiwal, Co-founder of Matic Network, told CryptoPotato earlier today.
According to him, “As for leading companies in the space, they get to target their customers aggressively within India, too, previously most of them were primarily relying on overseas customers. Overall, I feel this will usher in a new phase of growth for Indian crypto startups.”
He also added that this would allow developers and entrepreneurs to feel safer and to pursue their cryptocurrency-related projects and ideas.
Indian Projects Surging
Yesterday’s hype has already impacted some cryptocurrency projects based in the giant country. Matic Network is developing a Layer 2 scaling solution that achieves it by utilizing sidechains for off-chain computation. Since yesterday, its native token, MATIC, surged 35% from $0.02 to $0.027. As of writing these lines, Matic Network represents a market cap of over $80 million.
WazirX, on the other hand, is a cryptocurrency exchange. Since the nation with a population of over 1.3 billion can now legally trade digital assets, the company could attract serious interest and user acquisition.
Following its successful IEO launch on the Binance Launchpad platform a few weeks ago, WazirX’s native token had completed a 4-day 125% price increase to $0.135. This grants the project a market cap of nearly $15 million.