As we reported, India’s Supreme Court has lifted the ban imposed by the Reserve Bank of India on the banks and financial institutions that prevented them from offering their services to individuals and businesses dealing in cryptos.
But as SC lifts ban, the country might see new crypto offerings as a number of startups start working on innovative products for consumers.
Cryptocurrency exchange Wazir, which partners with Binance is already working on new offerings. Mumbai-based WazirX is reportedly talking to fintech players to integrate the wallets with other platforms to drive transactions.
The exchange has enabled users to deposit and withdraw in fiat currency to buy and sell crypto through its platform following the SC’s order.
US-based crypto exchange Kraken has also announced an expansion of its offering in the country which has been limited due to RBI’s 2018 ruling.
“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,” said Kraken Head of Global Business Development Sunny Ray, who founded the first regulated crypto exchange in India, Unocoin.
According to local media sources, crypto companies like Bank of Hodlers are also working on new additions that include enabling UPI transactions for cryptos in the next few months.
“To start with, we are integrating with RazorPay and Cashfree this week, which will be our payment gateway. After that, we will start focusing and enabling peer-to-peer transactions,” said Darshan Bathija, co-founder of Bengaluru-based Bank of Hodlers.
With the banking ban lifted, these crypto companies can innovate around these offerings and work with banks that were ready to integrate with their products two years back.
“One is working on a wallet-based system which will enable users to transact on crypto in e-commerce sites. Another one is looking at enabling people to use the idle processing power of their mobile phones in exchange for earning crypto,” said Akshay Aggarwal, CEO of Blocumen Studios, an enabler of the cryptocurrency ecosystem.