- A controversial ban on the Reserve Bank of India’s dealings with cryptocurrency companies has been struck by the Supreme Court of India.
- The judgement was delivered early today on the 4th of March.
A controversial ban on the Reserve Bank of India’s dealings with cryptocurrency companies has been lifted by the Supreme Court of India.
The judgement was delivered early today on the 4th of March by Justices Rohinton Nariman, S Ravindra Bhat, and V Ramasubramanian.
The central bank in the country, RBI imposed a blanket ban on banks’ dealings with the crypto companies back in April 2018. That ban became law in July of that year.
Many public and industry commentators made petitions following the bans launch in the country with many more challenges by the Internet & Mobile Association of India going up against the Supreme Court.
For those that don’t know, the Mobile Association of India is a non-profit body who appeal to governments on behalf of industry consumers and investors. Some notable members include Apple and eBay.
As reported by Live Law, the court observed:
"When the consistent stand of RBI is that they have not banned VCs and when the Government of India is unable to take a call despite several committees coming up with several proposals including two draft bills, both of which advocated exactly opposite positions, it is not possible for us to hold that that the impugned measure is proportionate."
The rise of crypto has been accompanied by an increase of general interest by big institutional investors as well as regulation and influence from central banks like the Reserve Bank of India…
At the end of 2017, we saw a lot more people enter the market who probably had never heard of crypto and get involved with the industry.
It will be interesting to see how this plays out. Now the ban is lifted, what will this mean for crypto in India?
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