The petitioners of the crypto-community have finally won their case of the ban of the Reserve Bank of India to take advantage of banking services. The supreme Court has held that exclusion of companies crypto unconstitutional.
Access to financial services
While some countries allow, or even encourage, the use of digital currencies, as India has, so far, adopted a position that is quite negative towards crypto-currencies. Certainly, the country does not prohibit directly the use of digital currencies, gold provision service of crypto-currencies is strictly limited by legal barriers.
Convinced that crypto-currencies have the power to erode and circumvent the financial status quo national, the RBI had banned the country’s financial institutions to offer their services to companies of crypto-currencies, thus hampering access to finance.
This situation has led many crypto-firms to relocate their activities or to set completely the key under the door. Fortunately, the supreme Court looked at the party of the crypto-corporations, and under the pressure of the crypto-community that points the finger at the disproportion of the measure taken by the RBI.
An opportunity for the crypto-industry in India
Although the crypto-users will be able to enjoy the new banking services, the long-term effect of this decision on the economic landscape of India still remains a outstanding, despite the economic growth and the demographic factors that are positive for the development of digital assets.
Nevertheless, startups and merchant/traders linked the statements to congratulate himself on this feat once activities cryptos have been able to resume their course on the indian market.
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