Last week’s decision from the Supreme Court of India to lift a two-year-old ban on cryptocurrency usage already has a positive impact on the local business scene. Kraken, a leading veteran U.S.-based digital asset exchange, announced plans to invest resources in the Indian market.
Kraken Recommits To The Indian Market
The veteran San Francisco-based exchange, Kraken, is planning to invest in the newly-reopened for cryptocurrency-related business Indian market. The company recently announced its plans to “recommit resources to grow its service in the region through new features and offerings.”
Kraken doesn’t provide more details on the nature of the investment. However, they admitted that the exchange had issues operating in India after a 2018 directive from the Reserve Bank of India (RBI). The nation’s central bank didn’t allow any entities regulated by it to operate with anything related to cryptocurrencies.
Last week, though, the Supreme Court of India quashed the directive after years of suppression and even legal battles.
Kraken Head of Global Business Development, Sunny Ray, offered his views on the ban removal. He outlined the significance of the decision and the positive impact on the cryptocurrency space:
“This is an incredibly emotional moment for India. Satoshi created Bitcoin because he felt that central banks were inefficient.”
“The fact that the crypto industry just battled, and won, against the central bank located in the second-most populous country in the world is a massive achievement. We fought for 1.5 billion people to have the right to access crypto.”
Immediate Effects On Indian Projects
Indian cryptocurrency-projects soared immediately after the positive news. One of them was Matic Network, and Cryptopotato had the opportunity to speak to Co-founder Sandeep Naiwal. He noted that the ban lift could “remove the negative sentiment amongst the average Indian that cryptocurrencies are something grey.”
WazirX, the Indian cryptocurrency exchange that recently had its IEO on Binance Launchpad, is another prime example. Although the markets plummeted in the past few days, its native token, WRX, is mainly in the green.
Only a week ago, WRX was trading at around $0.06. After the SC’s decision, it reached a new all-time high at $0.23, recording a surge of 283%. Since then, it has retraced slightly, but it’s still above $0.20.
However, the enthusiasm in the community could be halted soon. Reports have it that the RBI is planning to fight the ban removal. The central bank wants to file a review petition as it fears that cryptocurrencies might disrupt the banking system.