WRX, the native token of the Indian-based cryptocurrency exchange WazirX, spiked over 50% earlier today following news of a crypto favorable Supreme Court ruling.
The court of the world’s largest democracy quashing the country’s central bank’s decision to ban cryptocurrency exchanges from interacting with banks under its control.
At the time of trading, WRX was up 50% in the past trading day, building on gains of the last few days.
Critically, the coin is trading above the 20-day moving average according to data streams from Binance.
WazirX held an IEO from the Binance Launch Pad in January 2020. Their aim was to raise $2 million and each token sold at $0.02.
India may resuscitate and drive Bitcoin Prices
The landmark ruling, a welcomed move that is not only a boon for Bitcoin and crypto across the board and specifically India but for the overall health of the crypto sphere given India’s rise as an economic powerhouse bullish.
India investors will now be unbridled and would invest in the emerging cryptocurrency and blockchain space without prohibition.
Commenting on this, Sumit Gupta, the CEO of CoinDCX said:
“We have always believed in the ideals of collaboration and today goes a long way in proving that communication and dialogue with decision-makers may lead to constructive, sensible outcomes for our industry.”
“The uplifting of the ban by the Supreme Court will open new opportunities for India in terms of investments, economic growth, financial inclusion, and market maturation.”
Benson Samuel, Director of Technology at Tokenyz Ventures, hailed that decision saying the “wait is over” and they can now continue building:
“It’s a very positive sign that has come through, something that we have been waiting for and expecting for two years now. Most of the infrastructure and bits and pieces towards the cryptocurrency was already built out over the last few years.”
RBI Ban overruled by the Supreme Court
Notably, today’s ruling unshackled the suffocating rules that had pushed cryptocurrency trading in India underground as peer-to-peer trading of digital assets continued to flourish despite RBI’s prohibition.
The Supreme Court judges said the ban by the RBI on cryptocurrencies wasn’t fitting.
Feature Image Courtesy of Public Domain Pictures