The Supreme Court of India is in the crypto news today, strucking down the curb on cryptocurrency trade in India. As the court said, “curb on crypto currency trade illegal,” while adding that there is another lifted ban on trading in virtual currency, cryptocurrency and bitcoins.
Bitcoin which is the most valued cryptocurrency in the world is now trading at $8,818 with a slow rise towards the $8,900 mark. The news did not change the price of the leading coin too much and the Bitcoin news showed that this could be a moment for the coin to break or break higher.
“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.
The Reserve Bank of India had virtually banned cryptocurrency trading in the country as of April 6, 2018. Two years later, we can see the Supreme Court of India lifting this ban and again promoting the use of virtual currencies or services for facilitating people and entities in dealing with or settling those.
Previously, the Reserve Bank of India (RBI) was in the regulation crypto news for issuing circulars cautioning users, holders and traders of virtual currencies such as BTC regarding risks associated in dealing with such currencies. The April 6 circular was later challenged in the Supreme Court of India.
The central bank defended in the Supreme Court its 2018 circular, insisting that it had always been consistent in its opposition to allowing other payment systems and undermining the integrity of the banking system. However, the Internet and Mobile Association of India stood behind the cryptocurrency exchanges, representing them and arguing that trading in cryptocurrencies in the absence of a law banning those was a “legitimate” business activity under the Constitution.
So, even though there was no formal ban on cryptocurrencies under any law in existence in India, the circular has been warning all those dealing with crypto of the risks inherent in them. Anyways, now that the Supreme Court of India lifts the two bans, cryptocurrency trading is officially legal in the country.
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