Cryptocurrency Legal in India- the Supreme Court quashed the Ban
March 6, 2020 4:44 pm
The Supreme Court of India quashed the ban on the cryptocurrency inflicted by the Reserve Bank of India (RBI) on dealing in virtual money such as Bitcoin (BTC).
After the battle of approximately 2 years, the Indian crypto society eventually won and crypto supporters are celebrating. The Supreme Court of India announced judgment on Wednesday, 5th of March 2020 dropping the central bank’s (April 2018) bans on financial institutions from serving to crypto markets.
For the first time, Bitcoin (BTC) the most popular cryptocurrency has reached the $10,000 mark versus the US dollar that means its value is appreciated by roughly half this year. While multiple regulators throughout the world have been advising against trading in Bitcoin, some have supported it even Japan accepted Bitcoin as legal currency in 2017.
This is an important move for the sector since the RBI ban bound bankers from facilitating banking transactions for cryptocurrency exchanges and dealers. The court’s law followed an appeal by the Internet and Mobile Association of India (IMAI) opposing to the RBI ban.
Indian Parliament Member Dr. Subramanian Swamy tweeted on March 4: “SC allows cryptocurrency trading, cancels RBI’s 2018 circular.” Acknowledging to a question of whether cryptocurrency could lead to “any black money or corruption where babus and netas start using crypto instead of currency notes,” he communicated:
“If it is unstoppable then develop software to regulate it. Blanket ban is useless.”
Dr. Swamy spoke in December that “Cryptocurrency is inevitable.” The legislator accompanied a conference at the UN India’s headquarters which discussed concerns encircling cryptocurrency in the country. Both the government and the RBI have authenticated that cryptocurrencies, including bitcoin, are legal in India.
Crypto Exchanges in India
Cryptocurrency markets in India rushed to reintegrate banking solutions and return INR backing into bank accounts. Unocoin’s Vishwanath stated “We would spring back to business,” continuing that his exchange began a lending platform on Wednesday. Unocoin published that INR deposits and withdrawals would continue at 11:30 a.m. (Indian Standard Time) on Thursday, 6th March 2020.
“We have already rolled out our solution for processing INR deposit and withdrawals instantly for customers. We are also in talks with an array of banks to ensure back up and ease of transferring INR for customers. Proper regulations from the government of India should be coming soon.”-Vikram subburaj – Co-Founder and CEO – Giottus Technologies Pvt Ltd
“we’re working on the banking integration and plan to get it out soon. Indians will be able to directly deposit and withdraw INR into their Wazirx wallet very soon.” As for his popular peer-to-peer (P2P) platform, he noted, “We’ll continue P2P and gauge the interest of the users.”-Nischal Shetty, Founder & CEO of WazirX