Banks in India can now do business with crypto companies. Previously, the Reserve Bank of India wouldn't let banks open accounts for crypto firms, however, the Indian Supreme Court overruled the ban, saying the bank hadn't proven cryptocurrency trading was risky for the banking system in India. The Reserve Bank of India plans to appeal the decision.

The ruling opens an exciting new market for Kraken, a U.S.-based crypto exchange. India is the world's second-most populous country, with a tech-savvy. young population. Kraken may be the first cyypto exchange in India, but Binance acquired an Indian crypto exchange, WazirX. HashCash also plans an investment in India.

Parliment still needs to rule on a pending law, the Banning of Cryptocurrency and Regulation of Official Digital Currency Bill. This is the only legal hurdle left for India’s budding cryptocurrency market. The bill would prohibit anyone from buying or selling any cryptocurrency. They would not even be allowed to store it. The fine for mining, holding or using cryptocurrency would be a fine and/or between one and 10 years in prison. Even those who advertise cryptocurrency could spend up to seven years in prison.

If the pending law isn't passed, India wouldn't be the only country to reverse themselves on cryptocurrencies. Venezuela banned bitcoin mining equipment from being imported since too many people took advantage of the country's low electricity rates to mine bitcoins. The government took notice, even though they created the Petro, Venezuela’s oil-backed cryptocurrency. They were afraid of people hoarding bitcoin to hold on to some of their savings.

Iran banned banks from dealing in cryptocurrencies, but now the country's central bank is supposedly developing a rial-backed digital coin in response to sanctions. Performing financial transactions with the U.K. and Russia using cryptocurreny could help Iran circumvent U.S. sanctions.