As the air cleared around crypto ban speculations in India, it appears that a pro-crypto wave is about to hit the developing nation’s markets. The exclusive update revealed that Kotak Bank has allowed India’s biggest crypto exchange, WazirX to open an account with the financial institution to facilitate both, credit and debit for investors trading on the exchange platform.
However, WazirX in currently in the process of completing formalities, including KYC, and will only be able to use its Kotak account once it is through the verification system. Furthermore, Kotak is reportedly preparing to get involved local crypto trade if the government permits it under the upcoming crypto regulations, and is already in conversation with native crypto exchanges, such as Zebpay.
“WazirX has opened an account with Kotak which can be used to receive and pay money to investors trading on the exchange. The account is yet to become operational. Paperwork, KYC and some testing are on”, Economic Times quoted the person aware of the matter.
Future of Crypto in India looks Bright
This has come as a sigh of relief for the crypto community in India, as with Kotak, other primary banks may also join the pro-crypto evolution. Earlier, in lieu of speculations of an absolute ban, and ongoing regulatory concerns around crypto, several financial institutions disabled all crypto functions, like payments involving crypto platforms and vendors.
Eminent names such as, HDFC Bank, Axis, and SBI declared suspension of any crypto payments through their banks, along with resistance from the Reserve Bank of India (RBI), which has already had a long-standing anti-crypto stance. However, the tables may soon be turning for the decentralised industry in India, with the latest announcement from the government, confirming that the authorities do not intend to ban crypto, rather merely regulate it for the sake of consumer protection.
According to CoinGape’s last week’s reportage, the Indian Finance Minister, Nirmala Sitharaman asserted in favour of the underlying technological boon in the blockchain system. Nevertheless, she also noted that the authorities will not be blindsided by the innovative and technological advancements, and will consider the drawbacks of crypto before implementation of the foreseeable crypto regulations in the nation.