New Offers for Crypto Users After India Lifts Ban from Cryptocurrency

In the morning of 4th March 2020, Supreme Court of India passed a judgement in the favour of petitions by cryptocurrency exchanges. This petition was against the decision made in April 2018 by Reserve Bank of India which put a ban on financial firms from providing banking services to the digital currency exchanges.

IMAI (Internet and Mobile Association of India) immediately signed the petition after the decision of RBI in 2018, but a clear and final decision was announced on Wednesday after several rounds of hearings.

Founder and CEO of exchange aggregator CoinDCX, Sumit Gupta said that the upliftment of ban on crypto trading is going to bring new opportunities for India in the whole investment world and its economy.

This is a landmark judgement passed by the country’s highest court to lift the ban from virtual currencies. The Supreme Court said that the order of Reserve Bank of India was unconstitutional. So now, India can finally go back to dealing with digital currencies.

After the decision of the Supreme Court, several cryptocurrency exchanges in India have come up with multiple offerings. Have a look at some of them:

Wazirx’s Live Open Order Book system enables users to trade more than 80 cryptocurrencies which include Bitcoin, Bitcoin Cash, Litecoin, Dash and many more. Its users can withdraw and deposit cryptos as well as cash through its peer-to-peer platform using USDT to INR (Indian Rupees).

It made 2 announcements in March. Firstly, it said that those who are holding WRX can use it to pay for trading fees on its platform. Secondly, when users will be using WRX to pay fees on this platform, they will be paying only 0.1% trading fee, which is the lowest trading fee in India.

Cashaa is a UK based crypto banking platform which was established in India in October 2019. Its co-founder, Janina Lowisz, said that they have decided to make deposits and withdrawals free for Indian users from 1st of March.

Earlier, Zebpay was one of the largest crypto exchanges in India. After shutting down its exchange operations in 2017, it had announced that it is re-launching in India. Also, it declared that its Indian customers will enjoy zero fees on the trading pair of ETH-BTC during its re-launch.

PCEX is a digital asset exchange. It has got multiple digital assets for trading and investing which include BTC, ETH, LTC, DASH, XRP and many more. This platform has announced multiple offers after the ban has been lifted from crypto trading in India.

Its UNIQUE Sub-Broker program offers Membership to Indian Traders, Investors, and Firms to start their own Crypto Trading Business. Low transaction cost, higher brokerage and higher returns are among some of its most valuable offers.

Therefore, it can be clearly seen that lifting the banking ban from cryptos has opened up numerous new opportunities in India. The judgement has not only made virtual currency exchange platforms happy but has also made it easier for crypto users and enthusiasts to trade Digital assets using INR.