India’s Supreme Court recently passed a historic verdict lifting the ban on cryptocurrency trading that was imposed by the central bank in 2018.
The ban came to effect in April 2018, when the Reserve Bank of India barred all banks and financial institutions from facilitating “any service in relation to virtual currencies.” Earlier, RBI believed that cryptocurrencies cannot be treated like normal currencies as they are not tangible and not stamped by the government in any way.
Several groups were unhappy with the central bank’s ruling and petitioners including the Internet and Mobile Association of India had challenged the ban arguing that the country should look at other nations who are allowing the trading.
The ban affected several local startups who offered services in cryptocurrency trading and almost all of them had to close their shops. The decision of the latest apex court overruled the central bank’s circular on the grounds of disproportionality.
According to investors, the peer-to-peer (P2P) companies will once again see the inflow of capital, similar to the crypto industry globally and the new decision will open up several avenues for the cryptocurrency ecosystem to be rebuilt in the country.
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