Following a Supreme Court ruling in India that reversed the Indian Reserve Bank's (RBI) ban on cryptocurrency trading, high hopes returned to the crypto space. The price of cryptocurrencies has shown positive signs when it is about to welcome several million Indian traders back when cryptocurrency exchanges continue to be allowed to trade with commercial banks. The conversion from crypto to fiat money is very important to any trader.
Increasingly optimistic that the losses recorded in the price of BTC and ETH will be reversed, Indian exchanges are now back online. RBI in September 2018 banned all cryptocurrency exchanges and prevented them from doing business with domestic commercial banks.
This means that direct deposit in Indian Rupees (INR) is not allowed on cryptocurrency exchanges. At that time, BTC and ETH lost 7% and 11% of their value when Zebpay stopped using INR to trade coins.
Now that the ban has been reversed, ZebPay and other Indian exchanges like WazirX and Koinex are fully operational again with the Rupees trading pairs enabled. As a result, trading volume on exchanges across the globe is expected to improve as the BTC-INR pair trades $ 6.2 billion weekly before the order is banned. While it is uncertain whether the nation with the world's second largest population with a very high demand for cryptocurrencies will increase its volume back to pre-ban levels, the supreme court gesture shows Optimism for the future of cryptocurrencies in India.
WazirZ (WRX) prices soared 225% in just 7 days after the good news | Source: Coinmarketcap
Other countries have also moved in the same direction recently. For example, a court in Australia ruled that cryptocurrencies should be recognized as a form of investment because of the uncertainty that emerges in today's global economy.
In addition, a French commercial court ruled that Bitcoin should be considered a currency in France. All of these are important landmark rulings rare so far but it seems that cryptocurrencies are currently receiving extraordinary legal support.
India so far has no clear rules for the cryptocurrency industry (in the gray area, neither support nor repression, similar to Vietnam), but supreme court backing can go a long way toward increasing the value of leading cryptocurrencies.
RBI vowed to appeal the verdict, but this ruling could be the starting point for a massive price boom in the cryptocurrency industry in the long run. This, combined with the strong potential shown by the cryptocurrency market since the beginning of the year, could make 2020 the year of cryptocurrencies, even bigger than 2017.
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