It’s just been three days and the Indian crypto economy is already gaining momentum. The Supreme Court’s decision to lift the ban on cryptocurrencies placed by the Reserve Bank of India has been met with a fresh flow of enthusiasm from the crypto community that has been struggling since 2018.

As a result of the newfound freedom, crypto-based businesses that had once closed their doors are now coming back in town. Those that remained active during the entire period of this shadowban are seeing a fresh flow of customer interest. Before the Reserve Bank of India’s nationwide banking ban, the country’s crypto-economy was worth close to $12.9 billion.

Fresh investments

According to the latest reports, global blockchain company HashCash Consultants is going to invest $10 million into the Indian crypto industry. The parent company of the U.S-based crypto-exchange PayBito, HashCash is known for its history of investing in local crypto and blockchain businesses throughout the globe.

About the move into the Indian market, Raj Chowdhury, CEO of HashCash Consultants commented:

“I would say that it’s better late than never […] The restoring of cryptocurrency activities has opened up entire geography, for new collaborations and ventures for the global players, forecasting prospects for the crypto industry and the Indian economy at large.”

Prior to this, the world’s largest cryptocurrency exchange Binance became the first international crypto-exchange to enter the Indian market, with its accusation of popular Indian peer-to-peer exchange WazirX. Binance had shown faith in the Indian crypto market way before the ban was lifted; this gave it an added advantage of an early start since more crypto-companies would now be willing to get a taste of the Indian market.

Singapore-based crypto firm ZPX is also considering the ramping up of operations in India according to CEO Ramani Ramachandran.

Danger looms

However, the Indian crypto industry is not out of danger just yet. A pending bill may still block crypto development in India, with India’s parliament yet to rule on the “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill” from 2019, Business Insider reported on March 7.

If the bill is passed, unique regulatory frameworks for virtual currencies, utility tokens, and commodity-backed tokens would be in play, likely creating a complex exclusionary legislative apparatus for blockchain businesses to navigate.

In a recent Medium post, Tanvi Ratna, CEO of Policy 4.0 and an active member working with regulators in India on blockchain initiatives, analyzed the outcomes of two possible verdicts and what they would mean for the future of cryptocurrencies in India. She believes that the Supreme Court verdict might not decidedly reverse the fortunes of cryptocurrency businesses in the country. She wrote: