NEW DELHI: Supreme Court ruling on Wednesday quashing the curbs on financial institutions from dealing with cryptocurrency traders and companies energised the virtual currency industry in India.Experts from the industry welcomed the apex courts ruling.
They expect companies that shut their operations due to RBIs diktat will come back to the action.Here is how the industry reacted to the news:L Viswanathan, Partner, Cyril Amarchand MangaldasThe Supreme Courts ruling setting aside RBIs ban on cryptocurrency is to be watched with interest.
RBIs regulatory powers are wide and with the benefit of the Supreme Courts judgment it is expected that RBI will reconsider its approach to cryptocurrency and come up with a new, calibrated framework or regulation that deals with the reality of these technological advancements (given that even central banks across the world are issuing their own cryptocurrencies) and simultaneously balancing considerations of regulatory, consumer protection, security and monetary control that the RBI is expected to have over currency and financial products.
This might also catalyse the potential for the use of blockchain in diverse areas.Benson Samuel, Director Of Technology, Tokenyz VenturesIts a very positive sign that has come through, something that we have been waiting for and expecting for two years now.
Most of the infrastructure and bits and pieces towards the cryptocurrency was already built out over the last few years.
We should see a lot of them restarting and a lot more activity to happen around this space.Nischal Shetty, CEO, WazirXThis is a great relief for the entire ecosystem.
Best thing is that it leads to a lot of excitement in the crypto ecosystem in India.
With this, we see hundreds of startups coming into India, which will lead new investments coming from venture capitalists (VC).
The VC investment in India has not happened because of banking ban.It comes at a great time for the ecosystem as all the financial stuff happening today in the country, this positive news was much needed.Hesham Rehman, Co-founder and CEO, BitxoxoThe decision is very beneficial for the industry.
We were waiting for the last two year for the decision.
We are just hoping to restart our operations soon.
Business will come back and people will invest with more confidence as the court has also clarified that bitcoin is not illegal in India.