Bitcoin Kraken stock market now focuses on India

Following the recent decision of the Indian Supreme Court, the American Kraken announced that it will re-hire resources to develop its crypto-trading in the country.

Following cancellation the Indian central bank's anti-crypto circular, Kraken will now focus more on the huge country of South Asia and its 1.3 billion people.

The Californian firm was already present in India for several years but the Bank of India (RBI) circular, prohibiting local financial institutions from dealing with crypto-startups, greatly limited its activities.

We have been serving the indian market. Unfortunately, our growth in the market had been limited by a 2018 RBI decision. That's why we were delighted to see the Indian Supreme Court overturn the RBI ban last week, Kraken wrote on his blog.

According to people familiar with the matter, the Reserve Bank of India intends to challenge the Supreme Court’s decision, however. For the central bank, the cryptocurrencies can endanger the banking system.

It's an incredible time forIndia. The fact that the crypto industry is winning against the central bank of the world's second most populous country is a major achievement, "said Sunny Ray, head of international development for Kraken.

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