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Indian Banks to serve crypto exchanges and traders
Banks in India again started to indulge in business with leading cryptocurrency exchanges and their customers.
The top banks in India such as SBI, HDFC, ICICI, and Yes Bank allow their customers to use their bank accounts to fund digital currency trades. These banks also avail other facilities to cryptocurrency exchanges.
In April 2018, the Reserve Bank of India issued an order to prevent banks from using their accounts for cryptocurrency related transactions. This led to the suspension of accounts of major exchanges. But, earlier this year, the Supreme court of India quashed the ban.
Banks were too cautious even after the supreme court lifted the ban. But, as the days passed by, Bitcoin seemed to gain price momentum. This made a lot of clients to open up accounts for crypto trading, and banks have started opening them up. Bitcoin recently reached the all-time high of $19,920, beating crashing the previous high of $19,783, in December 2017.
As a consequence of this Bitcoin inflation, banks have started collaborating with cryptocurrency exchanges and are ready to offer them all possible services. Nischal Shetty, CEO of WazirX, a Binance backed cryptocurrency exchange added that banks are coming forward to provide working capital, and financial services, and loans.
This will create a positive perspective of cryptocurrency on the Indian population. Soon, cryptocurrency will boom in the Indian markets.