The Supreme Court’s order to lift the RBI ban on crypto trading in India has paved the way for the setting up of cryptocurrency-based banks in the country, where customers can maintain crypto savings accounts.
“There is no ban on crypto in India. There was a banking restriction, which has been quashed by the Supreme Court of India in March 2020,” said Nischal Shetty, CEO, WazirX.
Talking about the prospect of a crypto banking system in India, Shetty said, “We believe that in the next 6-12 months, crypto banking will become a reality. One of the major reasons behind is that banks across the globe are already jumping into providing crypto services.”