Quick Intake
Finally, INDIA has lifted the ban on Cryptocurrency trade.
In April 2018, RBI has banned the crypto trade citing the reason that the “cryptocurrencies cannot be treated as currencies as they are not made of metal or exist in physical form, nor were they stamped by the government“.
A group of petitioners including trade body the Internet and the Mobile Association of India had challenged the central bank’s circular. They claimed that “India should look at most other nations that are not only allowing cryptocurrency trading but have moved to launch their own virtual currencies“
Finally, The Supreme court on o4th March 2020, has ruled out on the grounds of Disproportionality.
With this move, we can very well expect smooth transition to the Blockchain revolution. Currently, we have seen more projects on blockchain happening in other countries which also creates Token (Cryptos) as a measure/Reward.
Happy Reading…
India’s Supreme Court on Wednesday overturned central bank’s two-year-old ban on cryptocurrency trading in the country in what many said was a “historic” verdict.
The Reserve Bank of India had imposed a ban on cryptocurrency trading in April 2018 that barred banks and other financial institutions from facilitating “any service in relation to virtual currencies.”
At the time, RBI said the move was necessary to curb “ring-fencing” of the country’s financial system. It had also argued that Bitcoin and other cryptocurrencies cannot be treated as currencies as they are not made of metal or exist in physical form, nor were they stamped by the government.
The 2018 notice from the central bank sent panic to several local startups and companies offering services to trade in cryptocurrency. Nearly all of them have since closed shop.
In the ruling today, the bench, headed by Justice Rohinton F. Nariman, overruled central bank’s circular on the grounds of disproportionality.
A group of petitioners including trade body the Internet and Mobile Association of India had challenged the central bank’s circular, in part, arguing that India should look at most other nations that are not only allowing cryptocurrency trading but have moved to launch their own virtual currencies.
The central bank defended in the Supreme Court its 2018 circular insisting that it had always been consistent in its opposition to allowing any other payment systems and undermining the integrity of the banking system.
Views of Crypto experts –
“Historic day for Crypto in India. We can now innovate. The entire country can participate in the Blockchain revolution,” said Nischal Shetty, founder, and chief executive of Bitcoin exchange platform WazirX.
“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,” said Benson Samuel, Director Of Technology at Tokenyz Ventures.
