The Supreme Court of India lifted the ban on cryptocurrency. Many companies have started planning their crypto expansions not long after that. Crypto exchanges have also resumed their operations.
One of those that are planning a crypto expansion include companies like ZPX, Incrypt Blockchain, and Unocoin that discussed their interest in reviving and expanding their business in the country.
Crypto exchanges have also seen a rise in user registrations shortly after the ban was lifted and over 1,000 users have registered in a single day. Furthermore, Unocoin created a feature where users can use their bitcoin as leverage to put money into their bank accounts.
There are a lot more because crypto plans are presented daily. With the ban lifted, it may seem that the future of cryptocurrency in the country is looking bright and has no way of slowing down.
Now, crypto plans in India are reported to include 34 physical branches and operations as well as the alliance between the fintech firm Cashaa and the Unite Multistate Credit Cooperative Society. Their aim is to launch UNICAS which is a crypto-friendly neo-bank.
Founder of Cashaa Kuman Gaurav stated: ‘Most Indians are not aware or are misinformed about cryptocurrency as an online product and they tend to trust what they see or what the government recognizes and recommends,’
He added ‘India is still largely a cash-based economy despite a demonetization drive. We intend to address both issues which are slowing the process of cryptocurrency adoption.’
Gaurav expressed his thoughts on allowing Indians and businesses in the country to open a savings account where they can also purchase and store their cryptocurrencies. Cashaa also provides B2B banking services to cryptocurrency businesses allowing individuals to make use of the crypto and banking services of the platform.
‘For lending, we will be adding crypto assets class together with gold and real estate as collateral,’ he stated.
It was reported that in September, the Indian federal cabinet was considering a crypto ban just six months after the ban was lifted. However, there are no reports regarding the approval of such law.
With the ban lifted, India is on its way to make crypto services available in the country. Due to Indians and their acceptance of digital assets, it is no doubt that cryptocurrency will be used in their everyday lives.