The U.S. based crypto exchange Kraken will start to increase its operations in the Indian market following the recent ruling of the country’s Supreme Court to lift banks’ banning to do business with crypto companies, according to a March 9th announcement.
According to Kraken, its growth in India was hampered by the ban on the Reserve Bank of India (RBI). However, they did not give further details regarding the plans for this large market.
🇮🇳*NEW* Kraken is recommitting to the Indian market following last week’s landmark supreme court ruling. We’re excited to help Indian clients: 💸Send money home 💰Secure their wealth 💪Achieve financial freedom Learn more here: https://t.co/FMkVcnm5wN — Kraken Exchange (@krakenfx) March 9, 2020
Sunny Ray, Head of Global Business Development at Kraken, said the following regarding the decision of the Indian Supreme Court:
“This is an incredibly emotional moment for India. Satoshi created Bitcoin because he felt that central banks were inefficient. The fact that the crypto industry just battled, and won, against the central bank located in the second-most populous country in the world is a massive achievement. We fought for 1.5 billion people to have the right to access crypto.”
Following the same line, the exchange stated that the future is bright in terms of the Indian market and said they hope to give more updates on this new commitment they have acquired with users of the second-most populous country in the world.
Similarly, Binance made a major move into Indian’s crypto market on November 2019. The firm acquired local crypto exchange WazirX, allowing users to buy and sell crypto with Indian rupees (INR).
Moreover, Reserve Bank of India appealed against the decision taken by the Supreme Court, claiming that cryptocurrency trading poses a risk to the banking system.
However, the court had ruled that the RBI had not provided sufficient evidence that the assertion was true.