On March 4, 2020. The Supreme court of India stuck down the RBI circulation. SC allows cryptocurrency trading, Like Bitcoin and Monero trading in the country. The Reserve Bank Of India banned trading in cryptocurrency in 2018. On Wednesday, SC stuck down the curb on cryptocurrency trading in India. And lifted a ban on trading bitcoin and cryptocurrency.
On April 6, 2018, RBI issue circulation regarding cryptocurrency. It restricts financial institutions or firms from trading bitcoin and other cryptocurrencies. RBI doesn’t allow providing services to an entity or third party individuals to dealing with cryptocurrency. RBI told to regulated entities that were already involved in delivering cryptocurrencies related functions will exit the connection within three months.
It’s a big decision for the Indians who are interested in virtual currency trading.
It’s very positive, and it is something that we are expecting or waiting for two years. In the last few years, Most of the pieces, bits, and infrastructure towards the virtual currency was already build-out.
-Benson Samuel, Director Of Technology at Tokeynz Ventures
After concluding many petitions challenging RBI’s ban. SC stated It’s directive illegal. The result is in favor of cryptocurrency traders. All private entities, RBI regulated financial institutions and individuals, will be allowed to trade in all cryptocurrencies. For Example, Bitcoin, Ethereum, Monero, and Ripple.
Bitcoin is one of the most popular, valued, and most trading cryptocurrencies in the world. The total market cap on bitcoin stood at approx $161 billion.
This decision to revoke the cryptocurrency ban will boost for investors/businesses dealing in virtual currencies in India. It is Asia’s third-largest economy. Now it’s worth noticing that the Indian government already made strict rules for trading cryptocurrency. Such as 10-year prison and fines for that selling, holding, mining, or trading cryptocurrencies.
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