Bitcoin exchanges in India are resuming direct bank account deposits and withdrawals following the decision of the Supreme Court to dismiss the central bank’s crypto trading ban.
Banks to Resume Support for Indian Bitcoin Exchanges
Unocoin, one India’s Bitcoin exchanges, tweeted on Thursday (March 5, 2020) the resumption of direct bank account deposits and withdrawals on its platform. Nischal Shetty, founder of WazirX another Bitcoin exchange and Binance’s Indian partner also published a tweet on Thursday announcing the imminent reopening of banking support for the crypto trading service.
Unocoin is going live with bank account deposits and withdrawals by 11.30 AM today (March 5th) #IndiaGotCrypto
— Unocoin (@Unocoin) March 5, 2020
The reinstitution of banking support for Indian Bitcoin exchanges comes as a direct consequence of the crypto trading ban reversal. As previously reported by Bitcoinist, the country’s Supreme Court nullified the 2018 ban by the Reserve Bank of India (RBI) prohibiting commercial banks from offering services to Bitcoin exchanges.
WazirX team is working hard on bringing back direct bank deposits to all of you.
— Nischal (WazirX) ⚡️ (@NischalShetty) March 5, 2020
Earlier in 2020, the RBI came out to clarify that bitcoin and crypto were not illegal in the country. However, the RBI ban and the generally negative stance towards crypto espoused by authorities in the country saw an exodus of Bitcoin exchanges from the country.
Apart from the RBI ban, an inter-ministerial committee also recommended a blanket ban on cryptos with additional fines and prison sentences for people found engaging in cryptocurrency transactions.
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