India Crypto Enthusiasts Rejoice: Supreme Court Allows Trading, Striking Down Central Bank Ban

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.”

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.

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