India’s Supreme court has the lifted the ban on trading Bitcoin & cryptocurrencies. In an historic battle, the court found that the Reserve Bank of India’s ban on crypto was unconstitutional. A massive win for the Indian crypto industry.
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Today, the cryptocurrency community in India received a positive outcome on behalf of the country’s Supreme Court. After years of suppression from the Reserve Bank of India, The Supreme Court officially lifted the ban on trading or operating with digital assets. The RBI’s crypto ban is Unconstitutional India’s Supreme Court on Wednesday overturned central bank’s two-year-old ban on cryptocurrency trading in the country in what many said was a “historic” verdict. The Reserve Bank of India The Supreme Court on Wednesday struck down the curb on cryptocurrency trade in India. “SC rules curb on crypto currency trade illegal,” the report said while adding that the order lifted ban on trading in virtual currency, cryptocurrency and bitcoins. Bitcoin, the most valued cryptocurrency in the world, was down 0.39 per cent at $8,815. The market cap of the currency stood at $161 billion. The Reserve Bank of India imposed a ban on cryptocurrency trading in April of 2018. The ban stopped banks and other financial institutions from facilitating any transaction that has to do with cryptocurrencies. Back then, the RBI stated that the ban was imposed in order to eliminate the “ring-fencing” of India’s financial system. In what is great news for India’s crypto community, the Supreme Court of India has struck down the Reserve Bank of India’s (RBI) banking ban on Bitcoin and other cryptocurrencies.
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