Bitcoin Made Legal for an Entire Nation!
In the midst of the COVID-19 outbreak and stock market carnage, Bitcoin is still running at peak efficiency, and this week has seen a major victory against the Reserve Bank of India (RBI) in a historic turnaround.
The Supreme Court of India REVERSED a widespread ban on Indian banks having affiliations with cryptocurrency-derived businesses!
After almost two years since the ban and drama with authorities swinging into action, the reversal of the RBI’s controversial clampdown is heralded as one of Bitcoin’s greatest victories over the very thing it was designed to replace: BANKS!
India has a population of over 1.3 billion, making the nation a serious player in blockchain tech and the global digital asset markets.
Last year, an advisory panel recommended to the Indian government that anyone using cryptocurrencies should be fined and jailed!
India now has a chance to become one of Asia’s leading hubs for digital currencies and blockchain-inspired technology alongside China, Japan, and South Korea. Major India-based digital asset exchanges Unocoin and WazirX have already reinstated bank account deposits in local currency
Unocoin is going live with bank account deposits and withdrawals by 11.30 AM today (March 5th) #IndiaGotCrypto
— Unocoin (@Unocoin) March 5, 2020
It's been a long enduring battle, but #crypto has won! You have won.
After long wait of 19 months, INR deposits are enabled on WazirX 🚀
We’ve also launched WazirX Market Maker Program. 💪 $WRX
Read more on our blog 👇https://t.co/aKW3ubUDYs
— WazirX (@WazirXIndia) March 5, 2020
Cryptocurrencies Respond Well to the News Despite COVID-19 Outbreak and Stock Market Chaos!
Despite the ongoing chaos around the world, cryptocurrencies are showing their strength alongside more traditional crisis hedge assets, like gold and silver. The unexpected FED rate cut could be a bull market trigger for gold, silver, and cryptocurrencies on the eve of the highly-anticipated Bitcoin halving!
India’s new open stance to cryptocurrencies seems like perfect timing. An attempt at hedging against geopolitical uncertainty and keeping pace with continental neighbors economically will likely prove to be a smart move as Western economies begin to strain under broken economic policies and the FED’s debt-driven cash injections.
With India well and truly in the cryptocurrency game, we might begin to witness a flurry of start-ups and already-established exchanges begin to offer services in India! Watch this space…
This post is for educational purposes. All information used is referenced accordingly. This is not investment advice; please always do thorough research and only invest what you are willing to lose, especially in times of uncertainty.