With the Ban Gone, India Is Likely to Enhance Its Crypto Presence

It was reported recently that India had removed the crypto ban it initially instilled in the year 2018. While the ban was not placed on digital assets themselves, it did place limitations on banks and financial institutions and prevented them from offering their services to crypto-based businesses.

That growth includes the use of cryptocurrencies as a lower cost and more efficient alternative for certain financial transactions, the ‘digital gold’ thesis for bitcoin as the ultimate hard asset and the emergence of the decentralized finance movement (DeFi) that aims to expand financial inclusion and restore user-control over personal finances. He states: The best part about the SC ruling is that we will finally get to see the emergence of Indian public blockchains which require cryptocurrencies for functioning.

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