TL;DR: According to two regional online news sources, the Supreme Court of India struck down the country’s central bank ban on trading cryptocurrencies, potentially making room for banks and financial institutions to allow for trading and general business.
India Crypto Enthusiasts Rejoice
“The Supreme Court on Wednesday allowed a plea challenging the Reserve Bank of India’s(RBI’s) 2018 circular which barred banks from trading in cryptocurrencies,” the Times of India explained. “Trading in cryptocurrencies now will be allowed, the top court noted.”
The Hindustan Times noted, “The Supreme Court on Wednesday ended a 2018 ban on banks from dealing in virtual currencies such as cryptocurrencies including bitcoins. A three-judge bench led by Justice Rohinton Nariman quashed the Reserve Bank of India orders issued in April 2018 that had introduced the restriction.”
— Nischal (WazirX) ⚡️ (@NischalShetty) March 4, 2020
India crypto Twitter erupted with joy. “Supreme Court of India has struck off Reserve Bank of India’s (RBI) banking ban against #Crypto. The Court held that RBI Circular dated 6th April 2018 is unconstitutional,” Crypto Kanoon posted, effectively breaking the story. Nischal Shetty of the exchange WazirX, recently acquired by Binance, exclaimed, “Historic day for Crypto in India. We can now innovate. The entire country can participate in the Blockchain revolution Your money is your money.”
Nearly two years ago, the RBI (India’s central bank) issued a circular or press release advising against its banking partners dealing in cryptocurrencies, either directly or through related businesses. That operated as a ban. Banks feared reprisal and soon stopped all commerce even hinting at crypto. A group of enthusiasts challenged the ban, known as the Internet and Mobile Association of India (IMAI), and the case made its way through the notoriously bureaucratic Indian court system.
CONTINUE THE SPICE and check out our piping hot VIDEOS. Our podcast, The CoinSpice Podcast, has amazing guests. Follow CoinSpice on Twitter. Join our Telegram feed to make sure you never miss a post. Drop some BCH at the merch shop — we’ve got some spicy shirts for men and women. Don’t forget to help spread the word about CoinSpice on social media.
DYOR: CoinSpice is your home for just spicy crypto things. We’re not affiliated with any cryptocurrency project or token. Each published piece is intended for information purposes only, not investment advice and not in the hope of impacting speculative markets. There are plenty of trading sites and coin-specific advocacy journals out there, we’re neither. CoinSpice strives for rigorous accuracy in our reporting. Information presented here is contingent usually on a host of factors, and the ecosystem moves fast — prices change, projects change, and at warp speed. Do your own research.
DISCLOSURE: The author holds cryptocurrency as part of his financial portfolio, including BCH.