India’s Supreme court has quashed the ban over crypto trading and exchange development in the country. Our team of blockchain and crypto development experts, at Oodles, believes that the decision will likely create new opportunities and possibilities. It ends almost a two-year legal fight to reinstate the use of virtual currencies in the country by overturning a 2018 ruling by the Reserve Bank of India (RBI).
India is one of those countries that have shown reluctance to adopt cryptocurrency solutions. The central bank of India had imposed a ban over crypto trading after extensive scrutiny of digital currencies by financial regulators as well as the government. It compared them to “Ponzi schemes” and warned of imposing strict regulations. The ban crippled many country’s exchanges that dealt with digital currencies like bitcoin, ripple, and ethereum. Their inability to use Indian banks for smooth operations forced many of them to shut down operations.
Now, India’s Supreme court has delivered a landmark decision of lifting the ban over crypto trading and exchange development. It will encourage investors to explore crypto and blockchain based digital solutions in India.
Illegitimate transactions in cryptocurrencies have always been a matter of concern for the country. With compliant and secure solutions, crypto transactions might soon find use in the banking system. They enable governments to trace and track actual illegitimate transactions quickly. Additionally, unlike other digital payment options, cryptocurrency solutions offer more advanced payment system options. Although SC has removed the ban, the government will likely regulate the operations of the cryptocurrency domain. How the regulations evolve may remain a risk factor for the market participants.
According to Sudin Baraokar, a global IT and innovation adviser, the court has overturned the ruling, and after a while, the overall crypto development ecosystem will likely experience rapid adoption. The ban upliftment paves ways for the market to increase the development of cryptocurrencies, exchange platforms, and other solutions.
Oodles considers the court’s order as a significant development for the crypto domain in India and is all geared up to deliver blockchain and crypto solutions like tokenization and smart contract projects.
It will give rise to challenges like less supply and more demand for skilled blockchain integration specialists for enterprise-grade solution deployment.
Oodles has always been an early adopter of emerging technologies since its inception in 2009. We are skilled at deploying compliant blockchain and crypto solutions for clients across the world. The reason for us to enter the blockchain development domain was the possibility of developing efficient, smart, secure, and cost-effective next-gen fintech solutions using blockchain and other emerging technologies.
It will be too early to think that cryptocurrency might replace conventional currencies’ use. However, it will enhance the current payment ecosystem by providing secure and efficient infrastructure and ecosystem for digital transactions. Cryptocurrencies might become the future of the currency and payment systems.
Crypto development companies like Oodles find that cryptocurrency solutions can potentially bring digital innovation in the country. Cryptocurrency can become the alternate payment solution mechanism of the future. Certainly, SC’s ruling will open paths for the development of safe and efficient crypto solutions in India.