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- The billionaire venture capitalist Tim Draper recently tweeted that the verdict by the Supreme Court in favor of crypto firms indicating a renaissance for India.
- According to an interview, Draper said that during his visit to India in mid-March, he met several bitcoin and crypto startups.
- After the verdict by the Supreme Court, the bank services started to flow into crypto exchanges.
The billionaire venture capitalist Tim Draper recently tweeted that the verdict by the Supreme Court in favor of crypto firms indicating a renaissance for India. This billionaire venture capitalist, who once criticized the Indian government for mulling over banning Cryptocurrencies, is now hopeful after Supreme Court’s verdict.
A renaissance for India. Now crypto is legal. #bitcoin #india https://t.co/6KuEel2tQK
— Tim Draper (@TimDraper) March 21, 2020
According to an interview, Draper said that during his visit to India in mid-March, he met several bitcoin and crypto startups. By the recent verdict, The Supreme Court of India and the Indian government have shown that the best ideas always succeed.
The verdict revised the crypto discourse in the country
The Reserve Bank of India banned financial institutions for offering banking services to crypto exchanges in 2018. This made the crypto market strike inefficiently as it required to impose strict rules.
The domestic crypto scene struggled in legal discrepancies until the March 4th verdict overrules the ban with an argument that the central bank has not been poised in its decision to cut off crypto firms’ banking services.
After the verdict by the Supreme Court, the bank services started to flow into crypto exchanges. Some said they expected high demand in the recently opened market for cryptocurrency and related financial projects.
The writ appeals of Vijay Pal Dalmia, Rohan Dwaipayan, and Siddharth Dalmia for looking crypto regulation throughout the country are still pending. It was enlisted before the Supreme Court for hearing on April 27, 2020. The judgment for the case IAMAI vs. RBI arrived earlier this month and rearranged the crypto discourse in the country.
The crypto firms looking for re-entry in Indian markets
The judgment bought a swift in the Indian financial market for cryptos entry. However, Zebpay has already penetrated to India market with a different company name. Some prime exchanges, such as Binance and OKEx, have entered the Indian market as well.
Recently, Binance announced its partnership with Indian exchange WazirX and the same with OKEx acquired another Indian exchange named CoinDCX.
