Cryptocurrency trading in India is legal again
The Supreme Court of India has made its ruling about the ban on cryptocurrency trading. The ban was introduced by the country’s Reserve Bank in April of 2018 and now it has been overruled.
The ban made it illegal for banks and any other financial organizations to partake in and facilitate any form of cryptocurrency trading. According to the official statement, at the time the decision has been taken to avoid the “ring-fencing” of national finances. RBI also insisted, that Bitcoin can not be considered a currency at all, since it does not have a physical form and is not created by any sovereign government.
An opposition quickly formed - the petitioners include the representatives from the Internet and Mobile Association of India. The group had disputed the ban and encouraged the authorities to review the experience of other countries, some of which even launched their own versions of cryptocurrencies. In the end, the Supreme Court has judged the measures to be “disproportionate” and has overruled the decision.