RBI back in 2018 had imposed a ban on crypto trades in which it had warned banks to stop all their dealings related to crypto. But with the incessant efforts of the Crypto community, in a recent path-breaking decision, Supreme Courts seems to have been miffed with RBI and its self-proclaimed status of being the sole regulator. With this is in perspective it lifted the ban on crypto dealings and in order to legalize it in full sense, tax dealings are also now included as a part and parcel of the crypto business.
While this surely gives a reason to cheer to the Indian Crypto community, Popular digital asset exchange Kraken has recently announced that now since the ban on crypto dealings has been lifted, it plans to reallocate resources to bolster crypto business in India. Now that crypto trade has been legally given the green signal, it plans to expand its base here as the market here is still at the nascent stage.
Kraken, in one of its blog posts, announced that they had considered in 2018 that they need to expand but owing to the ban they couldn’t do much. But with the lifting of the ban, Kraken has rejuvenated its policies and will continue to expand in India by reviving its earlier strategies.
The exchange now plans to infuse more and more resources for its Indian activities and also offer new features for the crypto customers.
While it may seem that the battle has been won by the Crypto enthusiasts, the conditions are still not favorable as RBI vows to fight back the Supreme Court judgment. For many years now, all the stakeholders including the legislature have been looking forward to crafting some guidelines but as of now has not come with anything substantial. Until the coarse is clear, it will be really difficult for the crypto market to survive and flourish.
But, the ruling surely comes as a huge relief for several who had lost the hope for a revival. The main task will now be to revive trust so that the technology doesn’t face any more struggles to do well in the second-most populous country in the world.
Picture Credit – Unlock-bc