It was a historic win for the crypto community in India on Wednesday after the Supreme Court ruled Reserve Bank of India’s (RBI) ban on crypto trading unconstitutional.
The number of crypto startups and businesses in India is expected to rise beginning this month, while crypto exchanges and trading firms that exited the country may soon return. This comes after the landmark ruling of India’s Supreme Court against RBI’s controversial crypto ban in April 2018.
According to reports, the Internet and Mobile Association of India (IMAI) during a series of hearings in January argued two points: that cryptocurrency is more of a commodity in nature rather than a currency and that RBI does not have the powers to implement the said ban given that no law prohibiting cryptocurrency exists in India.
A three-judge bench of Justices Rohinton Nariman, Aniruddha Bose, and V Ramasubramanian gave favorable the ruling after almost two years the first petition was submitted, much to the delight of the Indian crypto community.
CoinDCX Founder and CEO Sumit Gupta was quoted saying:
“The uplifting of the ban by Supreme Court is going to open new opportunities for India in terms of investments, economy and a market as a whole. As few of the surviving petitioners of the case, we are thankful to the Supreme Court for hearing our side of the story. We have always seen crypto as a potential to unlock India’s dream of becoming a $5 trillion economy.”
With the ban lifted, banks in India will no longer have an excuse to deprive individuals, exchanges, and startup in the crypto industry of access to financial services. Therefore, crypto businesses are expected to flourish in the next months or years, as expressed by crypto influencers and leaders based in India.
Moreover, the ease of accessing banking services by individuals who prefer to use and support cryptocurrency will help in the spread of Bitcoin and crypto adoption. One of the several benefits from this is how players in India can now conveniently trade convert their crypto to fiat money as well as player in offshore online casinos and play Bitcoin casino games. This is also opens the opportunity to play Rummy Games headed by its CEO Pariekshit Maadishetti. Even better is that crypto users can now legally enjoy the amazing 10CRIC June 2020 promotions designed specially for crypto players.
This win, however, might soon be in danger if the bill titled Banning of Cryptocurrency & Regulation of Official Digital Currencies gains ground once again. The bill, which was reportedly aiming to completely ban the use of cryptocurrency in India and establish the state-backed “Digital Rupee” to be issued by the RBI, was supposed to be introduced last year. But the Indian government opted to delay it.
Unfortunately, there are now news that India might ban cryptocurrency, shortly after warming up to the cryptocurrency industry.
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