The apex court in India on 4th March 2020 lifted the ban imposed by Reserve Bank of India on cryptocurrency trading. According to the report, SC found the curb on crypto trading to be illegal which led to the order for the ban to be lifted.
During this historic verdict, the value of Bitcoin stood at $8,815 and its market cap at $161 billion.Benson Samuel, the Director of Technology at Tokenyz Ventures said,
“It’s a very positive sign that has come through, something that we have been waiting for and expecting for two years now. Most of the infrastructure and bits and pieces towards the cryptocurrency was already built out over the last few years.”
Back in 2018, RBI’s ban on cryptocurrency trading as per a circular issued on 6th April 2018 had led to many companies shutting their operations. Additionally, regulated organizations who were already offering such services were asked to exit the relationship within a period of 3 months.
Recently, the circular issued by RBI on 6th April was challenged by a group of petitioners featuring the Internet and Mobile Association of India. The group showed the top court the possibilities associated with embracing cryptocurrencies and how other nations are not only allowing cryptocurrency trading but also launching their own cryptocurrencies.
Sumit Gupta, the co-founder and CEO of CoinDCX said,
“Needless to say, today is a historic day for not just the crypto community, but for the entire country. We have always believed in the ideals of collaboration and today goes a long way in proving that communication and dialogue with decision-makers may lead to constructive, sensible outcomes for our industry. The uplifting of the ban by the Supreme Court is going to open new opportunities for India in terms of investments, economic growth, financial inclusion, and market maturation.”
We are looking forward to seeing the exchanges those shut down due to the 2018 ban resuming their operation in the near future.