Unless you have left for Mars, you may have come across the news that India’s judicial body, the Supreme Court has finally lifted the ban from the entire crypto trade and investments. This is a hearty moment for the crypto enthusiasts, policymakers and advocates who have been working tirelessly to reanimate the crypto scene in India. TradeDOG would like to applause everybody whose time and effort was put into reviving the stagnant crypto scene in India.
The circular released by RBI in April 2018 concerning crypto assets asked the national banks to halt all monetary dealing with crypto businesses. This circular had restricted crypto traders and investors from investing in cryptocurrencies. It has now finally been dismissed due to some exceptionally devoted lawyers and believers and the mist surrounding the bitcoin and other crypto coins seem to be dissipating. It was a long and speculative road for the Indian crypto enthusiasts who had to wait 2 long years before they can freely follow their financial freedom and investment goals.
Impact of this verdict|
What roads open up after this historic verdict has finally ensued joy and anticipation amid enthusiasts?
India has been at the forefront of credible blockchain startups & crypto projects and we may see increased activity in the coming times. Projects and businesses who previously had to approach foreign investors and ecosystems, due to the unconstitutional ban will now emerge with their own ideas, assets, concepts, and frameworks. Exchanges who had to shut their operations in India and move to other fostering locations will now resume their long-halted operations and develop a crypto-friendly environment for the projects, funds, influencers, traders, and investors.
The growing interest and hype surrounding crypto in India will entail significant development and adoption. This will contribute towards bolstering the crypto economy in the country given that India has a huge number of millennials and tech-savvy people who would love to explore the crypto space.
This is not only a perfect moment for all crypto ‘Hodlers’ who have been hiding in the shadows but also an opportunity for innovators and entrepreneurs- who have the strength to bring growth and sustainability to Indian crypto, hence creating a plausible platform that’ll add value to the Indian crypto ecosystem. Who knows if India releases its own Stablecoin that will be pegged to their national currency the ‘Rupee’.
What’s next?
Now is the time for the Indian community to tap the potential gains in crypto assets. With multiple exchanges coming up with the instant deposit and withdrawal feature for INR — Crypto, and investment advisory companies like Tradedog offering their services, the crypto ecosystem is ready to be included in your portfolio.
The community was unaware of Blockchain technology and its infinite applications across various industry verticals. Cryptocurrency is the future of financial services. The ban uplift will encourage the industry to adopt tokenization and explore this infinite opportunities space.
But at the same time, it is imperative for Indian crypto enthusiasts to understand the importance of the right investment decisions. TradeDOG is one of a kind investment advisory firm having experienced traders, fund managers, and market intelligence unit to provide best in class products to for the retail investor community.
