Kraken, one of the largest and oldest crypto native exchanges, has announced its plans to focus resources on the Indian subcontinent. This move comes just days after the Indian Supreme Court reversed the central bank’s notification from 2018, banning companies that deal with cryptocurrencies from accessing the banking system, March 10, 2020.
Kraken’s Global Plans Come Into Play
Asia is a hotbed for cryptocurrency startups, investors, and miners. The Indian Supreme Court’s ruling is a marquee event for crypto, as it marks the first time a court has struck down a government’s move against crypto.
India is home to 1.3 billion people, many of whom are cut off from the banking system, just as crypto businesses in the country were. The penetration of cryptocurrency could empower many people, and India could very well become a case study in crypto adoption.
Kraken hired Unocoin founder Sunny Ray as their head of global business development. Ray believes the recent court ruling offers a bullish case for crypto in India:
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.
India and Cryptocurrency: What’s Next?
As one of the hottest emerging markets in terms of growth and future potential, Indians could soon flood the crypto market as access to said market becomes easier.
Just a day after the ruling, top exchanges in the country like WazirX opened a direct deposit feature. Prior to the Supreme Court’s reversal on the banking ban, Indian crypto investors used P2P transfers to move fiat from their crypto exchanges to their bank accounts.
An important aspect to note is that this move offers no clarity on the government’s intention to ban the asset class. They could still present the bill in Parliament and end the plight of Indian crypto investors. Moreover, the RBI plans to file a review petition against the Supreme Court’s order.
This battle is anything but over.