In April 2018, the Reserve Bank of India foisted a ban on the cryptocurrency trading in India forbidding banks along with other financial institutions expediting all sorts of services that are anyway related to virtual currencies. Well, the ban has now finally come to an end with the Supreme Court of India repealing the decision.
Going two years back again, the Reserve Bank of India stated that the ban would constrain “ring-fencing” of the financial system of India, and cryptocurrencies including Bitcoin, can’t be valued as currencies — they not being in the physical form, made up of metal, or even stamped by the government. This led to the closing of some local startups and companies that would deal with cryptocurrencies.
Today’s ruling, the bench, which was headed by Justice Rohinton F Nariman overturned the central bank’s circular on the grounds of disproportionality. This includes the Internet and Mobile Association of India who put forward a statement quibbling that India should take a peek at other countries that disallow cryptocurrencies trade while launching their virtual currencies.
About the decision made, a tech investor, Nitin Sharma commented that the Supreme Court’s decision was “historic” as it accompanies clarity to the matter.
Similarly, the Founder and Chief Executive of the Bitcoin exchange platform — WazirX said, “It’s a historic day for Crypto in India. We can now innovate. The entire country can participate in the Blockchain revolution.”