The time has come for the Indian Crypto Community to rejoice in the victory of Crypto being legalized in India.
On March 4th, the Supreme Court of India lifted the ban on cryptocurrencies in a landmark ruling. Two years back in April 2018, the Central Bank of India, had circulated a circular to all banking institutions governed by the RBI to not provide services or deal with any person or business organization dealing or transacting in virtual currencies.
After the ban by the Reserve Bank of India, there were many crypto exchanges that had to stop operations in the country. The ban was challenged by the chief petitioner- IMAI in court with other leading members of the Indian Crypto community.
However, the ban has since been squashed by the apex court of India and bought a new wave of hope in India for Crypto enthusiasts.
What does the uplifting of Crypto Ban means for India?Technically, the court in its judgment has assessed that the RBI has the power to issue preventive measures circulars for Indian financial society. But in this case, there was a lack of proportionality to the circular and hence, it was squashed. The court also mentioned the lack of any empirical data to highlight any damages that may be caused by cryptocurrencies or cryptocurrency exchanges on the RBI regulated entities. This was also a reason for the win against RBI on the circular being dismissed by the Supreme Court. The official judgment of the court stated, “The position is that [virtual currencies] are not banned, but the trading in VCs and the functioning of VC exchanges are sent to comatose by the impugned Circular by disconnecting their lifeline namely […]. What is worse is that this has been done (i) despite RBI not finding anything wrong about the way in which these exchanges function and (ii) despite RBI not finding anything wrong about the way in which these exchanges function and (ii) despite the fact that VCs are not banned.” With the statement, the digital assets business can now legally avail India’s banking sector services for rupee to crypto transactions. The overturn of the RBI circular is welcomed and has bought a new wave of excitement for the Indian and Global Crypto & Blockchain enthusiasts and investors. The judgment saw related hashtags trending on Twitter:
BREAKING!— PCEX.IO (@PCEX_IO) March 4, 2020
Supreme Court of India has lifted the Ban on Cryptocurrencies. This is great news for the digital assets enthusiasts and crypto community of India. #cryptocurrency #supremecourt #cryptoban #RBI #cryptoindia #cryptotrading #digitalassets #bitcoin #cryptoregulation pic.twitter.com/uswoxF3WCT
In fact, the lift of ban has caught the interest of some popular Investors and Traders from around the world to invest in the lucrative and highly potential crypto market in India.
Commenting on the judgment, Billionaire Venture Capitalist Tim Dapper said,
“The Supreme Court of India and the Indian government have shown that the best ideas ultimately prevail, and just in time, because the benefits of Bitcoin and crypto over current systems will become apparent during this crisis.”
Giving an affirmative to his interest to invest in Crypto businesses and startups in India, he said,
“Absolutely! I met several Bitcoin and crypto startups while I was in India last week. I hope to be able to fund a number of them.”
This is a huge victory for Indian Startups, Businesses and Exchanges that want to capture the global financial investment market of cryptocurrency.
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