Supreme Court of India Finally Lifts RBI’s Crypto Ban

News / 04.03.2020

The Supreme Court of India has finally announced its decision in the ongoing case against the banking ban by the RBI on crypto in the country. The Supreme Court has ruled the Reserve Bank of India’s decision to ban crypto as unconstitutional.

https://twitter.com/cryptokanoon/status/1235071440942059521

It concluded its hearing on the case on Jan 28, after more than a year since the first day it started. There was an extensive hearing on the argument from Ashim Sood, the counsel for the Internet and Mobile Association of India, followed by Nakul Dewan, the counsel representing the crypto exchanges. The argument from Shyam Divan, counsel for the central bank, was also heard.

The RBI issued a circular on April 6, 2018, which denied all crypto exchanges and other related startups to use banking services. In the RBI’s defense, it had said that the ban was to protect money laundering and illegal activities due to the unregulated transfer of crypto around the world.

Although the Supreme Court has ruled in favor of crypto, the Indian government has not been positive on decentralized cryptocurrencies. The government is planning to introduce a bill that might make bitcoin use in the county illegal.

The crypto twitter community is triumphing over the court ruling today. CEO and Founder of WazirX, Nischal Shetty tweeted that today is a historic day for the Crypto community in India.

https://twitter.com/NischalShetty/status/1235073087239933952

He said the community can now innovate and the country as a whole can also participate in the blockchain revolution.

Featured image courtesy of Shutterstock. Source: Cryptopress.

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Dacosta Osei-Tutu, a first degree holder in Nursing, who couples his Nursing career with blockchain blogging, has a great passion for the blockchain technology and aims to play a vital role in applying this revolutionary technology to disrupt the healthcare system in Africa.