Right after the IAMAI vs RBI case judgement earlier this month, Indian crypto startups made a big splash with a host of announcements. But having been caught in the middle of the Covid-19 pandemic that has impacted almost all industries, some of that early excitement may be on the wane.
While the Supreme Court’s latest judgement has given an immediate boost to these startups, the legal fight is far from over. The writ petitions of Siddharth Dalmia, Vijay Pal Dalmia and Rohan Dwaipayan Bhowmick demanding crypto regulations across the country are still pending and listed before the Supreme Court for hearing on April 27, 2020.
What’s been the impact of the Supreme Court’s judgement on the ground? Can cryptocurrency save the day for investors as markets crash?
The Supreme Court Judgement Triggers Exponential Growth
As we spoke to the leading crypto startups of the country, almost all the startup founders agreed that despite Covid-19 effect, as the judgement brought more legal understanding into the matter, there has been an exponential increase in its trade volume. However, due to the situation around lockdowns, some announcements by crypto startups have been postponed.
While the crypto market is equally affected by Covid-19 and the global meltdown, Nischal Shetty, founder and CEO of WazirX, which was recently acquired by global exchange Binance told Inc42, “In the past 30 days, WazirX trading volume has grown by 473%.”
More importantly, there has been a change in the attitude of media and public towards Bitcoin, said Unocoin Technologies cofounder and CEO Sathvik Vishwanath.
“It was tough to explain to so many people about what the issue with the RBI is. Even the police and enforcers had the same view. So now the judgement has given clarity and also helped in spreading the word about this new technology. Some of the banks still have the anxiety to accept the crypto business for bank accounts but there are many which are supporting it. It seems RBI has not…