The Supreme Court of India canceled the crypto ban! India may dive into crypto derivatives trading soon! BTCMEX explores the case.
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The historic day for crypto investors and traders came with the country’s Supreme Court lifting the controversial ban on banks’ providing financial services to cryptocurrency firms.
The case against the central bank’s proposal was brought to the Supreme Court by the Internet & Mobile Association of India (IAMAI). BTCMEX earlier reported the court’s hearings on the case against the country’s central bank’s ban of cryptocurrency.
The news appeared in the local media on March 4, 2020, saying the court’s bench of Justices delivered the verdict that might open multiple possibilities for cryptocurrency-related businesses in India.
The court’s decision is believed to bring positivity to the entire crypto ecosystem in the country. “Right now everyone is free to deal in crypto and use banking channels, it’s a great sign,” said Kashif Raza - co-founder of the Indian crypto regulatory news and analysis platform Crypto Kanoon in the interview for Cointelegraph. Those on the sidelines of the industry will be emboldened by the court’s intervention, he said, adding that he expects new exchanges to launch, once-shuttered trading platforms to reopen, volume and registrations to rise.
Despite India’s complicated relationship with crypto, many exchanges are expecting the flourishing of derivatives trading to flourish with the new regulations. Learn more about Bitcoin Perpetual Contract trading on BTCMEX.
According to the founder and CEO of one of the exchanges, Pankaj Balani, derivatives are one of the areas that are really under-penetrated in crypto, and they are about to show its potential in the market. Right now Indian regulators provided a very favorable climate for his words to come true.
What can be seen in the nearest future is the Indian government to create a new committee to better understand and analyze the industry before making any further decisions. Meanwhile, the developing a digital rupee is still on hold and the future of crypto has yet not been determined on a governmental level, but the community is glad to see that the first positive steps were already made.
Please note, that the article is a part of BTCMEX Blog, the views and opinions expressed here are the contributing author’s only, and do not necessarily represent the views of the company.
Julia Bulakh for BTCMEX