In a move to benefit the entire crypto community of India, the Supreme Court has ruled out that RBI’s circular placing a banking ban on cryptocurrencies is illegal and will be removed in march 2020. In other words, crypto activities, including investment, trading, and businesses, will soon become legal in the country.
The move has been welcomed by the crypto investors and traders with wide arms. Experts are seeing it as a well-deserved outcome of the 7-years long fight of the community.
“The court took time but came up with a positive decision. This will have a ripple effect in the crypto ecosystem. With banking being available now, a lot of services around crypto will now be launched,” says Abhishek Gopal, founder of cryptocurrency exchange and blockchain startup ThroughBit.
Around two years back, the Reserve Bank of India (RBI) had placed a virtual ban on cryptocurrency trading by releasing a circular announcing that recognised entities, including banks, in India cannot participate in any kind of cryptocurrency transactions. The recent order from the Supreme Court, however, neglects that circular and removes the crypto ban from banks and other regulated entities.
What does it mean for Crypto startups and investors?
When the RBI decided to place a banking ban on crypto trading and transactions in 2018, it effectively caused a disruption in the industry, and not in a good way. Many of the crypto startups, including exchanges and ICOs, had to close their doors.
Now, as the ban is lifted again, we can expect to see a rise in the number of crypto straps and trading activities. Now, anyone who wants to start a business in the crypto industry can do so without worrying about regulations.
Moreover, it will also boost the growth of IT companies like SAG IPL that offer blockchain/crypto development and marketing services to businesses worldwide.
Experts believe that the recent announcement from the Supreme Court will greatly boost the enthusiasm of investors and entrepreneurs in the country, and there will be over 100 new crypto startups in the coming year or so.
It can further boost the economy by creating more companies, better jobs, fundings, etc. Also, those crypto startups that had to close their doors due to the RBI banking ban can now consider launching back.
How can we help?
Here at SAG IPL, we provide tailor-made blockchain solutions and services to crypto startups worldwide. Over the past couple of years, we have risen to become one of the leading full-service blockchain development & marketing companies in India, thanks to our brilliant team of crypto developers, designers, data scientists and digital marketers.
SAG IPL is a full-service blockchain development agency, which means we cover all kinds of blockchain-related services, including cryptocurrency development, smart contract development, ICO development & marketing, IEO development, whitepaper creation, content development, and more.
Now, when there is no ban on crypto trading and transactions in India, we are ready to assist Indian crypto startups with the best quality and affordable blockchain development services.
So, if you are one of the individuals or businesses looking to start a crypto company, exchange platform or want to create a smart contract, we can help.
Or even if you’re not ready to build just yet and only want to consult your ideas with someone, we’re all ears.
Take a look at our blockchain/crypto service suite and choose the one that best fits your needs:
- Hyperledger development
- Cryptocurrency development
- Digital wallet development
- Exchange development
- Cryptocurrency (token/coin) development
- Whitepaper development
- Pitch deck development
- ICO development
- STO development
- IEO development
- ICO/ITO marketing