Indian cryptocurrency developers have begun to launch new mobile applications, after a positive ruling by the nation’s Supreme Court with reference to blockchain technology. The Court’s decision reversed laws that previously prohibited banks from offering services to cryptocurrency traders & associated businesses.
India – A Growing Market For Cryptocurrencies
B21, a renowned digital asset investment trust, recently released their own Blockchain investment portfolio application in light of those changes. They claimed that the Supreme Court of India’s announcement “has led to growing interest in digital asset investing and a spike in exchange trading volumes” within the country again.
In line with, Nitin Agarwal, founder and director of B21, commented on the technology’s market potential in India, following the Supreme Court’s decision:
“The decision in India has helped us specialise in partnerships & marketing in India, as we see an outsized population that are smartphone savvy and also an outsized emerging class of investors trying to find investment opportunities that previously weren’t available to them.”
Legal Status Of Cryptocurrencies In India
B21’s founder added that India has “a lot” to contribute to the event of crypto-assets and therefore the emerging blockchain ecosystem in India.
The Supreme Court’s decision on cryptocurrencies within India could still face future challenges, however. As reported earlier on 12th June, the Indian Ministry of Finance has proposed a permanent ban on cryptos within the country.