Kraken returns to India

Cryptocurrency exchange Kraken has announced its expansion plans in the Indian market after the Supreme Courtlifted the ban on cryptocurrency operations in the country.

March 3, the court rejected the decision of the ReserveBank of India (RBI) from 2018, which prohibited banks from providing their services to cryptocurrency companies. According to Kraken, this particular ban was the main obstacle to the growth of the platform in the country.

Kraken Exchange has already operated in India, offeringservices such as spot trading, derivatives and futures trading. Nevertheless, the negative position of the government towards cryptocurrency “significantly limited” the growth of the exchanger.

In April 2018, the RBI prohibited regulatedinstitutions to provide services to businesses or individuals who are involved in cryptocurrency trading. The result of the ban was a decline in trading volume on the exchange by 90%. 

Kraken Global Business Development Manager said:

This is an incredibly important moment for India.Satoshi Nakamoto created Bitcoin because he knew how ineffective central banks were. The crypto community fought – and won – against a bank from one of the largest countries in the world. This is a huge achievement.

The Kraken official statement states that“The exchange is ready to redistribute resources in order to focus on development in the region.” However, the management has not yet published any details and further plans.

Meanwhile, the RBI plans to appeal the latestSupreme Court ruling on cryptocurrencies. According to bank representatives, the cryptocurrency industry creates many risks for the banking system. 

Based on materialsatozmarkets.com