Binance appears to be the biggest winner from the surprising news today that the Supreme Court of India had overturned the ban on cryptocurrency trading in the Asian country. Exactly why Binance has taken it up to share the news with the proclamation that it would support it partner WaziriX in the country.
A Great Day for Cryptocurrencies
The Reserve Bank of India had virtually banned cryptocurrency trading in India. This was put into effect in a circular issued on April 6, 2018, where it ordered that all of the entities it regulated should not trade crypto assets or provide services to facilitate the processing or settlement thereof to any person or entity.
In a decision issued today, the Supreme Court found the Indian central bank circular unconstitutional.
However, now that cryptocurrency trading is largely facilitated, it doesn’t essentially mean that people across the country are eager to get it.
It’s a long-term victory for cryptocurrencies and Bitcoin (BTC). With the lifting of the ban, access to one of the largest markets in the world is now possible.
In addition, this decision is a real stepping stone for the cryptocurrency and blockchain industry as a whole, especially in India, where a large part of the population is unbanked.
Starting from today, startups operating in these areas will be able to see the light of day without being subjected to the constant oppression of the central bank.
A Significant New Market Opens Up for Binance
The largest exchange in the world in terms of volumes, Binance, is also very enthusiastic about the idea of having recently acquired a major Indian exchange, WazirX:
— Binance (@binance) March 4, 2020
“We are eager to support our partners [WazirX] and enable 3 billion people to have the freedom of money.”
Binance is the only international crypto exchange firm to have invested in India, thus a huge edge ahead of others.
In response to this major advance for the ecosystem as a whole, the native exchange token launched on the Binance Launchpad, WRX, is currently experiencing a rapid increase in its price:
In just 2 hours, the price of the token increased by 40%, from $0.076 to $0.107. At the time of writing, the WRX is still growing and may reach new heights in the next few days.
Also, another reason why this is a big new for Binance is that yesterday, the crypto exchange got integrated with the largest bank in Turkey, and today the news of crypto approval in India surfaced, and the native token of WariX, WRX, is now doing great in the market.
Now that cryptocurrency and Bitcoin trading is once again possible without hindrance in India, potentially 1.33 billion people would have access to investing in crypto assets.
The long-term results regarding the price of Bitcoin and on blockchain projects originating in the country could be significant