The RBI Crypto Ban Lifted by India’s Supreme Court
A banking ban by the Reserve Bank of India (RBI) on crypto in India has finally been lifted by the country’s Supreme Court. The Supreme Court ruled this RBI decision to ban crypto in an ongoing case as unconstitutional.
The Court concluded its hearing on the case on the 28th of January 2020, after more than a year of hearing proceedings. An extensive hearing of the arguments by the counsel for the Internet and Mobile Association of India, Ashim Sood was followed by that of the counsel representing the crypto exchanges, Nakul Dewan. Shyam Divan, counsel for the central bank, also had his argument heard.
Tough Business Environment
While the Supreme Court ruling was in favor of cryptos, the Indian government policies haven’t been so pro-decentralized cryptos. A government bill that might make the use of bitcoin in the county illegal is in the pipeline
A circular issued by the RBI on the 6th of April 2018, barred access to banking services for all crypto exchanges and other crypto-related firms. The ban aimed to prevent money laundering and illegal activities according to a defense by the RBI. The illicit activities fear is generated by the norm of unmonitored transfers within the global crypto industry.
Triumph by the Crypto Community
The crypto Twitter community has been quick to express its triumph with regards to this court ruling. Nischal Shetty, the founder, and CEO of WazirX tweeted that the day of the ruling is a historic day for the Crypto community in India.
He added that the crypto community was free to innovate, with the country as a whole now being able to participate in the blockchain revolution.