Binance Set For Huge Pay Off In India After Supreme Court Crypto Ruling
The crypto community has received a major boost following a Supreme Court ruling. For the last two years, the RBI has threatened to ban all banks involved with cryptocurrencies. As a result, crypto development in the country has been slow. The recent announcement means the shackles are off. Top exchange Binance has all along kept a close eye on the country and invested accordingly and now they look set to leap ahead.
Most Promising Projects Backed By Binance
As we reported earlier, the Indian Supreme Court has ruled to remove the two-year ban on cryptocurrency. This was implemented by the RBI to curb cryptocurrency growth in the country.
As Coinbase CEO Brian Armstrong has been pointing out, this hurts the crypto industry in the short term and the economy was set to be hit in the long term.
This is a big development for cryptocurrency in India if true.
The reckless ban on Indian banks working with cryptocurrency companies a few years ago was a big setback for Indian startups short term and the Indian economy long term. https://t.co/c83tfnXwNI
— Brian Armstrong (@brian_armstrong) March 4, 2020
Fortunately, the Supreme Court has realized this mistake and decided to lift the ban. Now India can strive to become one of the most adaptive and technologically advanced countries in the world.
Armstrong has noted that leading this race to become a long term financial powerhouse is the U.S, U.K, and Singapore.
Any country that doesn’t develop expertise, and nurture/enable startups, in this sector is going to struggle to be a global financial player long term. The financial hubs of the world (US, UK, SG) have all embraced it for the most part, to remain relevant.
— Brian Armstrong (@brian_armstrong) March 4, 2020
And among the best and promising startups that can lead India to become a top player are being backed by Binance exchange. These are Matic, Marlin Protocol, and WazirXIndia.
As we have reported, already WazirXIndia (WRX) has soared by 50% to the news of the Supreme court ruling.
https://twitter.com/cz_binance/status/1235285173102669829
It is clear that Binance has had its eye on the long term plan. The success of any or all of the three projects means more global prominence for Binance.
The one thing you see common in this is @binance! Helping build the #blockchain ecosystem in #India https://t.co/QyVn13Y1Dn
— naman (@namsgram_) March 4, 2020
Adoption and Growth Coming
India is one of the biggest countries with over 1 billion people. The change in law will allow for more people to get into the crypto industry and boost adoption. In the long term, this could be vital.
Additionally, by promoting blockchain and crypto expertise through startups, this could boost the ecosystem and see the industry grow.
Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
John is an outstanding writer with a great love for cryptocurrency and its underlining technology. Kiguru is an astute believer in cryptocurrency and blockchain technology and looks up to exploring digital innovation. Follow him on Twitter @Shawn254Guru
Published at Wed, 04 Mar 2020 20:35:23 +0000
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