Crypto currency companies are expected to revive plans to take a position and expand their business in India following a Supreme Court verdict overturning a Federal Reserve Bank of India notification that had restricted banking access for virtual currency trading. ZPX will consider ramping up operations in India, said Ramani Ramachandran, CEO of the Singapore-based crypto firm. WazirX will start investing within the Indian market this year, said Nischal Shetty, cofounder of the crypto-exchange firm.
India’s virtual currency industry had come to a standstill following the April 2018 notification that prohibited use of banking channels for transactions of cryptocurrencies like Bitcoin. Several exchanges shifted overseas or closed their business altogether within the last two years. “When a regulator like RBI bans, the market closes down. Six months back, we pivoted from crypto to block chain, as we had to sustain. No investor was able to back up amid the uncertainty of regulations,” said Wilson...
Investors say peer to see (P2P) companies will see inflow of capital, almost like what has been happening globally. Crypto founders, investors and industry bodies told ET that the order would open up more avenues for a cryptocurrency ecosystem to be built. “From my perspective, hopefully the funding environment for start-ups gets better as funds not need to worry the maximum amount about regulatory clarity,” said Nitin Sharma, founding father of Incrypt Block chain. The web and Mobile Association of India...
Know your Crypto
Bankers said the regulator would now have a nuanced understanding of crypto technology and regulate it during a way which will encourage innovations. “They (RBI) obviously issued an advisory earlier to form sure it doesn't become the Wild West of crypto and gets too systemic. Now, RBI is best prepared to deal with the nuances of crypto," said Akhil Handa, head — fintech and new business initiative, Bank of Baroda.
RBI didn't answer an emailed query till press time Wednesday. Legal experts said the case presents questions on the fairness of regulatory bodies. “The incontrovertible fact that the apex court outrightly shot down a robust policy step by the RBI against an entire industry has consequences on the fairness of our regulators, given their quasi-judicial status,” said Salman Waris, partner at TechLegis Advocates and Solicitors.
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