The cryptocurrency sector in India is now expected to see a major boost. In a win for crypto proponents all over the country, the Supreme Court of India has finally delivered its ruling on the central bank’s cryptocurrency banking ban. According to the ruling, the ban is illegitimate.
The Supreme Court has deemed the ban by the Reserve Bank of India (RBI) as unconstitutional. The ruling suggests that banks all over the country may now continue offering financial services that involve digital assets, including services from crypto exchanges.
On the 6th of April 2018, the RBI released a circular prohibiting all financial institutions in the country from rendering any services at all to digital asset firms. Because of the order, many institutions that handled accounts for crypto exchanges had to shut down these accounts. Some exchanges such as Koinex and Zebpay, had to shut down their services also.
Towards the end of January 2020, Kryptomoney reported that the Supreme Court had concluded the case but reserved judgment. The proceedings saw the RBI make their case against cryptocurrencies while the case for digital assets was made by the Internet and Mobile Association of India (IAMAI).
Now that a ruling has been announced, the crypto exchange business in India could become vibrant once again.
Image Credits: Pixabay