After the dust cleared on India’s rumored crypto ban, it appears that a pro-crypto wave is preparing to strike the markets. According to the exclusive update, Kotak Bank has approved WazirX, India’s largest cryptocurrency exchange, to open a credit and debit account with the financial institution.
WazirX is currently undergoing KYC procedures and will be able to use its Kotak account only when it has been validated. Furthermore, Kotak is claimed to be in negotiations with local crypto exchanges such as Zebpay, and is ready to join in local crypto trade if the government agrees.
“WazirX has opened a Kotak account in order to accept and pay investors who trade on the exchange.” The account is still dormant. “Paperwork, KYC, and testing are all happening,” the insider added.
India’s cryptocurrency future is promising.
The crypto community in India may now breathe easy, as additional major banks are expected to follow Kotak’s lead. Previously, certain financial institutions prohibited all crypto services, such as payments involving crypto platforms and merchants.
Despite the Reserve Bank of India’s (RBI) long-standing anti-crypto stance, well-known brands such as HDFC Bank, Axis Bank, and SBI have halted crypto payments through their institutions. However, a new government proclamation shows that authorities do not want to abolish cryptocurrency, but rather to regulate it for consumer protection.
According to a recent CoinGape report, Indian Finance Minister Nirmala Sitharaman has praised the underlying technological merits of blockchain. Despite this, she emphasized that before establishing any national crypto legislation, the authorities will assess the advantages of crypto against the hazards.