The Supreme Court of India, after a year of hearings, has announced its decision in the ongoing case against the blanket ban put on by the RBI on cryptocurrencies in the country. The Reserve Bank of India had issued a circular to all banks in the country to stop providing services to crypto exchanges and crypto business altogether, driving all crypto-related businesses out of work.
The crypto ban by RBI was unconstitutional according to the Supreme court.
The Supreme court of India has struck off the Reserve Bank of India’s banking ban against crypto, declaring it as unconstitutional. The central bank of India issued a circular on 6th April 2018, which denied all crypto exchanges and related businesses to use banking services. The RBI, in its defense, had said that the ban was to protect money laundering and illicit activities as bitcoins can be transferred to any place in the world with ease.
What is the future of crypto looks like in India?
The Supreme Court of India declared a historic decision today. However, the government of India has not been positive on decentralized cryptocurrencies. The government is planning to introduce a bill in the lower house of the parliament that might make the use of bitcoin illegal in the country. For now, what matters is the decision of the supreme court, and it is in favor of the crypto community of India.