Hours after the Reserve Bank of India (RBI) was forced to lift its cryptocurrency ban, Mumbai-based CoinDCX announced that users can now purchase cryptocurrencies with the Indian rupee, as the exchange became the first platform in India to fully integrate bank account transfers.
The integration came less than six hours after the Supreme Court of India ruled against a 2018 ban imposed by the RBI, which banned domestic financial institutions from providing banking services to cryptocurrency companies.
Anirudh Rastogi, the founder and managing partner of Ikigai Law, the law firm that filed the original petition on behalf of CoinDCX and other exchanges, commented that the judges’ decision was made on the grounds there was little evidence to suggest cryptocurrencies posed a threat to the banking system.
According to Rastogi, the RBI ban was deemed not to be “proportionate to the risk sought to be addressed by such ban”.
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