Namaste Tribe! Yesterday, March 4, 2020, was a historic day for the ecosystem. Crypto has won in India! ⚡️ It was a long enduring battle, but nothing is impossible when we stick together and have ONE LOUD VOICE.
The day’s been very emotional for the industry!
It was on April 6, 2018 — within a month of WazirX launch — that RBI released its circular putting a banking ban on crypto in India. I vividly remember the amount of FUD it created in the already existing bear markets. Soon, one by one, banks stopped supporting exchanges one by one, and some exchanges started shutting down. I want to highlight the fact that the RBI’s move was arbitrary, and they had no research data to back their decision to ban crypto. On 6th July, our banking partner abruptly stopped supporting our bank account. But the adversities didn’t make us waver from our mission of involving everyone into the blockchain revolution.
Very rarely do we, as a nation, get an opportunity to participate in revolutionary technology.
To provide you with a fiat on-ramp solution, we innovated, pulled all-nighters and launched the world’s first auto-matching P2P engine. WazirX P2P has helped millions of Indians to cash in/cash out of crypto seamlessly. Due the RBI ban, there was a lot of misinformation, and myth around crypto in India. Soon, realising that keeping our head down and BUIDLing isn’t enough, I started the #IndiaWantsCrypto campaign. It’s been almost 500 days, and so many of you joined the movement, and our voice keeps getting louder every day. We even managed to get a dialogue with our MP’s.
While we were doing our bit online, IAMAI was fighting this battle on the front foot in the Supreme Court with Nishith Desai & Associates representing us. This victory would not have been possible without them, and our lawyer, Mr. Ashim Sood who was giving superb arguments in the court.
What is worse is that this has been done
(i) despite RBI not finding anything wrong about the way in which these exchanges function and
(ii) despite the fact that VCs are not banned.
– The court’s observation
As soon as the verdict was out, here’s what we did in the exact order:
- Screamed with joy
- Ordered some donuts for the team
- Got started to work on bringing INR deposits & withdrawals for you 😎
After a long wait of 19 months, INR deposits are back on WazirX!
You can start depositing INR on WazirX via the following steps:
- Log on to WazirX app or web
- Go to “Funds”
- Click on “Deposit INR”
We’re working hard to enable INR withdrawals soon. For now, deposits will be processed within an hour. We’ll also enable instant deposit and withdrawal options. We want to ensure we release features in such a way that you have a smooth and awesome experience.
Launching WazirX Market Maker Program!
If you’re a market maker or if you know anyone who wants to be a market maker on WazirX INR market, apply here. We have exciting rewards and incentives in store for you.
WazirX is focused on giving Indians a world class crypto trading experience.
We have won! You have won. But we have a long road ahead. Together with your support, we’ll work towards building the crypto regulatory framework in India.
Jai Hind 🇮🇳
*Above content is migrated from medium to wazirx blogDisclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
