All Eyes On India As Crypto & Banks Still Don’t Get 100% Get Along
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After the Supreme Court of India took down its banking ban, the country has been able to clear one of its many obstacles in its journey towards the adoption of cryptocurrency and blockchain technology. Many crypto platforms returned home following the banishing of the ban with Binance being one of them. According to the CEO of the platform, CZ, with the ban being lifted, it has driven a significant amount of growth to the crypto world in India.
The CEO of the exchange has said that they are focusing primarily on growing demands from the community. He noted that there is a significant amount of growth in adoption for India and the demand for peer-to-peer trading in the country he is growing as well. He further said:
“India is likely to leapfrog some of the traditional western finance infrastructure and enter a digital finance age directly, with blockchain and other emerging financial technologies. I believe India’s P2P market has 100 times growth potential, if not more.”
Many people are predicting that the world of crypto is getting ready to bloom in a similar sense to how it did in 2017. With this in mind, many are looking to India as their platforms are demanding clarity from the central bank of the country. Earlier this week on the 4th of May, many platforms approached the reserve bank of India in regards to the status in the country whilst also trying to understand the taxation policies according to reports.
Even though they were given a thumbs up by the Supreme Court of India, many crypto platforms in the nation are still experiencing some grief from banking institutions.