The Supreme Court of India on March 4 ruled that the ban on cryptocurrency trading in the country is ‘disproportionate’. The judgment which was an offshoot of the restriction placed on exchanges in the country by its central bank has been hailed by India’s crypto traders and exchanges.
Wazirx, one of the upcoming cryptocurrency exchanges in the country has reasons to celebrate. The CEO of the company, Nischal Shetty considers the ruling an emotional one for the company and said as much in a blog post.
“It was on April 6, 2018 — within a month of WazirX launch — that RBI released its circular putting a banking ban on crypto in India. I vividly remember the amount of FUD it created in the already existing bear markets. Soon, one by one, banks stopped supporting exchanges one by one, and some exchanges started shutting down.”
It’s been a long enduring battle, but #crypto has won! You have won.— WazirX (@WazirXIndia) March 5, 2020
After long wait of 19 months, INR deposits are enabled on WazirX 🚀
We’ve also launched WazirX Market Maker Program. 💪 $WRX
Read more on our blog 👇https://t.co/aKW3ubUDYs
He highlighted that the move by the Reserve Bank of India was not based on sound research and that the arbitrary decision caused the new exchange difficulties.
Shetty stated that the cryptocurrency revolution is a rare opportunity for India to participate in a novel technology as it evolved. He said that the bad did not discourage the Wazirx team which found ways to help Indians to still participate in the crypto industry.
“We innovated, pulled all-nighters and launched the world’s first auto-matching P2P engine. WazirX P2P has helped millions of Indians to cash in/cash out of crypto seamlessly.”
Shetty who is an arrowhead in the #IndaWantsCrypto campaign was instrumental in the mobilization of the India crypto community which helped in creating more awareness of digital currencies in the country. The group even had an audience with the country’s prime minister at a point.
The release used the opportunity to announce the Wazirx market maker campaign on Wazirx INR. Participants are encouraged to sign up with promises of incentives.