India’s Supreme Court Lifts Banking Ban on Crypto Exchanges
Today, the Supreme Court of India ruled against a decision imposed by the Reserve Bank of India in April 2018, which banned domestic financial institutions from providing banking services to crypto exchanges. The original decision had forced Indian crypto exchanges to either close shop, relocate, or elect to go the crypto-to-crypto route.
Why it matters:
- India is the second most populous country in the world. The Supreme Court ruling that struck down the central bank ban as unconstitutional, opens access to cryptocurrency for 1.4 billion people.
- According to Binance CEO, CZ, Binance had been the only international crypto exchange to invest in India before the ruling. Binance acquired Indian crypto exchange WazirX in November of last year.
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