Indian Supreme Court favors blockchain technology and cryptoapps
The legislative body ruled in favor of the use of blockchain technology, reversing previous laws that prohibited its use
The Indian Supreme Court recently ruled in favor of blockchain technology, revoking the laws that prohibited it in the country.
Given this situation, various companies in the region have launched to offer different types of mobile applications related to cryptocurrencies.
B21, a digital asset investment company, recently launched its own investment portfolio blockchain app, once the legal changes came to light. They claimed that the announcement by the Indian Supreme Court “has led to renewed interest in investing in digital assets and to a spike in trade volumes” in the country.
Nitin Agarwal, founder and director of the company, spoke about the potential of the technology market in India, now following the Supreme Court ruling.
“The decision in India helped us focus on partnerships and marketing in India, as we see a large population that knows about smartphones and also a large class of emerging investors looking for investment opportunities that were not previously available to them.”
However, the decision of the Supreme Court on cryptocurrencies in India could still face challenges in the future, given that the Indian Ministry of Finance has proposed a ban on cryptocurrencies within the subcontinent.