In an interesting turn of regulatory events this morning, the Apex court in India finally bought an end to the diktat which kept Indian crypto enthusiasts, traders, investors, and businesses away from cryptocurrency trading and dealing. The end of this ban has definitely bought smiles for the crypto industry in Asia’s third-largest economy which has seen crypto business dry up and fade out in the past two years owing to the ban.
Supreme Court gives a Thumps Up to Crypto trading
The morning of March 4th bought some amazing news to the Indian crypto Industry as the top court of the country quashed the RBI ban and allowed cryptocurrency trading in the country. The trading of virtual currency which had started gaining pace at the end of 2017 was suddenly halted when the Reserve Bank of India( RBI) pronounced a complete ban and detached the INR (Fiat rupee) support from cryptocurrencies bringing an end to the initial euphoria that had just started building in the country.
The issue heads back to April 2018 when the RBI had categorically issued a circular outlawing all kinds of association and rupee support with the crypto industry in the country. This order had not only bought restrictions to RBI regulated financial institutions from dealing and trading in cryptocurrencies but also had barred them from associating and providing services to any individual or businesses that deal or are associated with cryptocurrencies.
Although the order came in April 2018, RBI did provide a window of three months to financial institutions to disassociate from the crypto and virtual currencies and businesses around it. This lead to a lot of businesses appeals against the order which went to the Supreme court. This period of the fight also saw the demise of a few businesses and crypto exchanges in the country prominent once being Zebpay, Koinex, Coindelta, and Coinome.
Will cryptos have a bright future in India?
Now with the Supreme court order quashing the ban on cryptocurrency dealings and trading in India, they are a clear joy and euphoria in the industry again. This now means that soon all RBI regulated financial institutions, private entities and individuals will be permitted to trade and transact in all sought of crypto and virtual currencies.
This could be a huge boost to the industry as India is the second-largest country in the world in terms of population and its increased participation would definitely boost the trading volumes and adaptability. This could also see the re-birth of several businesses and crypto exchanges in the country.
The order by the apex court was celebrated by several crypto influencers in India. Here are a few post and tweets
Sumit Gupta the Founder of CoinDCX posted the tweet on his twitter. Sanjay Mehta, a prominent angel investor in the country, who has invested in Peerplays, civic and EOS through ICOs, posted on Linkedin saying
“Crypto community wins against RBI. Now owning crypto is legit and bankable.”
While the future looks promising, one still has to remember the Indian government is already trying to implement strict rules to contain cryptocurrency trading and transactions which includes a variety of fines and imprisonment punishments. A separate Supreme court will decide on those but for now its all joys in Indian cryptos.