Banks ready to explore crypto sector, says Wazirx’s Nischal Shetty

Nischal Shetty, founder & CEO of Wazirx, on Wednesday, said a few banks who were fence-sitters in terms of whether to service the industry (cryptocurrency) or not, now see this as a window to explore.

It was a sigh of relief for all investors and crypto exchanges in India who invested in virtual currencies as the Reserve Bank of India (RBI) on May 31 cleared the air on cryptocurrency trading. The RBI clarified that banks and other regulated entities can’t cite its 2018 circular on cryptocurrencies as it has been set aside by the Supreme Court in March 2020.

Speaking in an interview with CNBC-TV18, Shetty said, “Banks who were on the fence in terms of whether to service the industry (cryptocurrency) or not, now see this as a window to explore the exchange space in India.”

“We are working with them (the banks) to understand and we are also waiting on their compliance because they are going to take some time to go through the notification of RBI and then decide on the next step,” he said.

For the entire interview, watch the video

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