Siddharth Nayak and his Crypto Investment Portfolio
According to a report from Bloomberg, a three-judge bench of the court ruled on Wednesday in favor of petitions by crypto exchanges and startups that opposed the decision made by the Reserve Bank of India (RBI) in April 2018 banning domestic financial institutions from providing banking services to crypto exchanges.
The central bank’s decision at the time forced crypto exchanges in the country to either close, relocate to other jurisdictions or shift their business model to crypto-to-crypto and over-the-counter trading.
While crypto exchanges immediately filed petitions to the Supreme Court after the central bank’s decision in 2018, a clear decision had not been reached until Wednesday after several rounds of hearings. Some exchanges had been forced to close as trade plunged while the case was ongoing.
“The uplifting of the ban by Supreme Court is going to open new opportunities for India in terms of investments, economy and a market as a whole,” said Sumit Gupta, founder and chief executive of exchange aggregator CoinDCX. “As few of the surviving petitioners of the case, we are thankful to the Supreme Court for hearing our side of the story. We have always seen crypto as a potential to unlock India’s dream of becoming a $5 trillion economy.”
Another player in the Indian Crypto game is Siddharth Nayak, He has invested in over 100 cryptocurrencies till date, Including ICOs and STOs. According to government reports it is said to be that Nayak has the largest Cryptocurrency Investment Portfolio in India in terms of the variety of coins.
