- On 4 March 2020, the Indian Supreme Court ruled out all restrictions on crypto.
- CoinDCX became the first exchange platform in India to implement banking integration.
Leading crypto exchange of India, CoinDCX, became the first to integrate bank account transfers in the country. The announcement came in just six hours after the Supreme Court’s landmark decision which ruled out restrictions on crypto after two years of consistent petitioning against the RBI ban.
CEO of CoinDCX, Sumit Gupta said that this step is ought to accelerate crypto adoption in the country, thanks to the increased convenience when it comes to purchasing and trading crypto. Crypto adoption could fuel India’s dream of achieving a USD 5 trillion economy. He stated:
“Banking integration will open up large markets for us. Integration of banking channels makes the whole process of crypto adoption simpler. Through DCX Insta, customers were able to purchase crypto instantly, however now that the banking integration that has gone live the process will be much smoother for customers accessing cryptocurrency through our platform. With renewed accessibility and convenience in purchasing cryptocurrencies, we believe that this change will have a dramatic effect in accelerating crypto adoption in India.”
The crypto community of India has actively been voicing out its opinion since the restrictions imposed by the RBI in 2018. The Supreme Court’s decision essentially means that there will be better access to the crypto market along with the privilege of formal banking services to crypto-related businesses.
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