Today, the Supreme Court of India has struck off Reserve Bank of India’s (RBI) banking ban against #Crypto. The Court held that RBI Circular dated 6th April 2018 is unconstitutional.
Here’s a comment on this development from Springworks CEO, Kartik Mandaville.
“This is a historic decision by the SC. The RBI Circular meant that even though there was no ban on Crypto, developers and startups were indirectly disincentivized to work on Crypto projects because of the banking ban.
With today’s decision from the SC, developers can now work on blockchain projects around the world and participate in the upside. They can earn native crypto tokens and then cash out to INR.”
Kartik added, “India has only seen maybe 0.1% of all global #Blockchain investment. This should get a stimulus after today’s decision. Blockchain-tech-backed Decentralised apps (known as dapps) now will have greater adoption from enterprises and consumers with the reversal of the ban from the banking sector. The tokens can be used as a rewards mechanism in blockchain apps.”
Springworks is a Bengaluru-based, revenue-funded, HRTech startup that is building tools and products for the recruiting future that will enable the Future of Work.