The Mumbai-based crypto exchange CoinDCX has added support for bank transfers, just a few hours after the ban on crypto imposed by the Reserve Bank of India (RBI) has been lifted.
CoinDCX integrates with a Bank!
CoinDCX becomes the first cryptocurrency exchange in India to integrate Bank Account transfers.
— CoinDCX: Best Crypto Trading Platform (@coindcx) March 4, 2020
On Wednesday, March 4, CoinDCX made the announcement that its users can use the Indian rupee to purchase cryptocurrencies. This makes CoinDCX the first Indian platform to support bank account transfers. The incorporation arrived in under 6 hours after the ruling made by the Supreme Court of India against the 2018 crypto ban imposed by the RBI. RBI wanted financial institutions in the country to no longer provide services to companies operating cryptocurrencies.
Crypto Enthusiasts in India Very Happy with the Ban Lift
The managing partner and founder of Ikigai Law, which is the law firm that filed a petition on behalf of Indian crypto exchanges and CoinDCX, Anirudh Rastogi, said the decision made by the country’s Supreme Court judges has grounds and that there was too little evidence to indicate cryptocurrencies are a threat to banks or the financial system in India.
He said the RBI ban wasn’t “proportionate to the risk sought to be addressed by such ban.” Sumit Gupta, the CEO and co-founder of CoinDCX, made a statement in which he expressed how he thinks the court verdict is probably a catalyst of the Indian cryptocurrency industry transforming completely.
Banking Integration, a First Priority for CoinDCX
Gupta also mentioned that his exchange’s first and most important priority was banking integration, as soon as people of India could once again make any investment in digital assets. Here are his further words on the matter:
“With renewed accessibility and convenience in purchasing cryptocurrencies, we believe that this change will have a dramatic effect in accelerating crypto adoption in India.”
It’s not yet known if the CoinDCX’s banking integration will bring the two entities together for now. No comments by the exchange have been made yet.