India’s leading crypto exchange WazirX announced that INR deposits are back on the platform. To celebrate the comeback, the exchange is giving away 135 WRX tokens, to 3 lucky winners. The announcement was made via a tweet on Thursday.
⚡️ INR deposits & withdrawals are back on WazirX ⚡️
To celebrate this amazing news, we're giving away 135 $WRX tokens (worth $20) to 3 lucky people:
1. Retweet this tweet
2. Reply to this tweet & mention 3 friends in the reply
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) March 12, 2020
After the Reserve Bank of India imposed restrictions on the commercial banks in the country from catering to crypto companies, INR deposits were disabled on the platform. Following the restrictions, many crypto businesses were forced to shut down; however, WazirX continues to carry on its struggle. Much to relief for the industry, the Supreme Court of India ruled on March 5 in favor of the crypto community and asked the RBI to reverse its order.
Therefore, companies will no be able to accept INR payments from local users, as the banks are now free to cater to crypto transactions. Meanwhile, WazirX itself was acquired by crypto giant Binance in November 2019. Following the recent announcement, WazirX CEO Nischal Shetty said,
“We’ll be listing many more tokens in the WazirX INR market soon. We’re first focusing on increasing the liquidity in the USDT/INR and BTC/INR markets. It’s growing every day.”
The crypto community in the country was severely hit post the RBI ban, and the expected growth was nowhere near to being achieved. In this situation, some people have asked the question is crypto legal in India or some crypto exchange that belongs to India, can they work? like, is WazirX legal in India. However, the dark days seem to have passed, and as the ban is now lifted, we could see exponential growth in the Indian crypto industry.