Kraken Plans to Expand its Services in India after Supreme Court Lifts RBI’s Crypto Ban!!
Posted: Mar 19, 2020
US Based Crypto exchange Kraken is planning to expand its services in India after Supreme Court ruling to lift the ban on Crypto businesses. According to Kraken, its growth in Indian market was suppressed by Reserve Bank of India (RBI) when it issued notice to Indian banks and instructed them to stop dealing with Crypto currency businesses. At that time, RBI said in statement that the move was necessary for India’s financial system. It also said that Bitcoins or any other crypto currency cannot be treated as valid as they are not in physical forms, nor they are stamped by any government. This decision of RBI came as nightmare for local start-ups and crypto business in India.
However, the exchange did not disclose much about its nature of investment. Before ban, Kraken while operating in India offered a range of services including spot, derivatives and futures trading with digital assets.
In its post, Kraken said it was thrilled to see Indian Supreme court’s decision to uplift RBI’s ban last week. Recently, Kraken has showed its excitement to recommit resources to grow its service in the region through new features and offerings. Kraken added, ‘We are excited to again help Indian customers begin saving for the future and sending value to family and friends overseas.’ The Kraken team also promised to provide more new updates and announcements as the year unfolds.
Sunny Ray, Head of Global Business Development at Kraken, said, "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."
Meanwhile, Reserve Bank of India (RBI) is planning to appeal against the decision of Supreme Court ruling of lifting the ban in view of risks to the Indian banking sectors.
Similarly, some international crypto exchange companies such as OKEx had already announced to expand their services in India through partnerships and acquisitions. Binance had also acquired local crypto exchange WazirX, allowing users to buy and sell crypto with Indian rupees.
According to the sources, US Based marketing and analytical firm conducted an analysis which states that India had become one of the 10 most popular potential market to start a business. This firm analysed about 606 fintech companies in India with Google search data over the past four years.
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