Right as the US started waking up to the reality of the coronavirus pandemic in early March, the Supreme Court of India announced they would be removing the Reserve Bank of India’s banking ban against crypto. As with most headlines not related to COVID-19 nowadays, I believe this flew under the radar within the crypto community.
As a quick refresher, in April of 2018 the RBI barred banks from serving cryptocurrency exchanges and firms. This inevitably led to a lot of crypto firms in India to shut down (mostly exchanges like CoinDelta, Koinex, etc) or move locations. That being said, some firms did not go down without a fight. The crypto industry in India came together to file petitions to overturn that ban. The result: almost two years later, the ban was reversed.
The most obvious beneficiary of this ban are Indian crypto exchanges. In fact, local exchanges have already all reported increased trading volume as well as a lot more new accounts being created (source: Coindesk).
Not surprisingly, venture firms have quickly started assessing investment opportunities in India. Weeks after the ruling, indian cryptocurrency exchange CoinDCX ra