The Supreme Court’s order to lift the RBI ban on crypto trading in India has paved the way for the setting up of cryptocurrency-based banks in the country, where customers can maintain crypto savings accounts.
“There is no ban on crypto in India. There was a banking restriction, which has been quashed by the Supreme Court of India in March 2020,” said Nischal Shetty, CEO, WazirX.
Talking about the prospect of a crypto banking system in India, Shetty said, “We believe that in the next 6-12 months, crypto banking will become a reality. One of the major reasons behind is that banks across the globe are already jumping into providing crypto services.”
Disclaimer: 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.
