The central bank in India announced that banks and other financial institutions in the country should not cite the ban on cryptocurrencies anymore, which was a surprise to many. The Indian central bank has been known to oppose the digital currencies for years. However, according to the new development crypto is now unbanned in the country, which can greatly benefit all crypto enthusiasts and investors.
Despite the occasional ups and downs in the prices of crypto assets, the world of crypto has not lost the interest of crypto enthusiasts. The growth and increase in ways crypto assets can be used, is likely to point towards a future where cryptocurrencies take over the traditional financial systems, as recently stated by Charles Hoskinson.
Therefore, if you have been interested in buying cryptocurrencies then you should choose secure exchanges. Some of the biggest crypto exchanges that are safe and secure include ByBit exchange, SwissBorg exchange and Kraken.
Details of the New Development in India
It was observed by the Reserve Bank of India on May 31st that its ban on crypto-related services offered by banks and financial institutions is no longer valid. The ban is now invalid as the request had been revoked by the Supreme Court in March 2020.
The RBI stated:
“As such, in view of the order of the Hon’ble Supreme Court, the circular is no longer valid from the date of the Supreme Court judgement, and therefore cannot be cited or quoted from,”
The ban was a result of warnings issued by HDFC Bank and Reserve Bank of India to the customers to halt the trading of crypto assets. The accounts of the customers interested in crypto were also to be suspended or closed by the banks, according to the issued warning.
However, with a shift in the stance of Indian Banks and financial institutions towards the digital assets, many new opportunities can arise for the crypto enthusiasts.
The utility and significance of cryptocurrencies cannot be denied as some of the largest companies and organizations in the world have top cryptocurrencies such as BTC and ETH on their books. Therefore, with the ability to buy, sell or trade digital currencies in India, the interested parties can greatly benefit from crypto investing and trading.
What Should the Novice Crypto Investors and Traders Know?
The initiative taken by the Reserve Bank of India towards crypto has been welcomed by crypto traders and crypto exchanges. Crypto investing and trading can be very beneficial for the economy of the country and can pave the way for new opportunities for people interested in cryptocurrencies.
Beginners who have been planning on trading or investing in crypto in India can now do so without any limitations and enjoy the benefits.
Stepping into the crypto space can be an exciting and intimidating experience for the novice parties. However, if the potential investors and traders choose reliable and secure exchanges, they can easily and quickly invest in crypto assets and eventually consider crypto trading.
Interested parties who lack expertise and proper time to actively trade can opt for copy-trading by using PrimeXBT Covesting. Copy-trading refers to the mirroring of an expert trader’s trades without constantly monitoring the market trends.