Breaking: RBI's Crypto Ban Lifted by Indian Supreme Court

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Wed, 03/04/2020 - 06:16
Alex Dovbnya
The Supreme Court of India injects a new life into the local cryptocurrency industry by lifting RBI's ban
Breaking: RBI's Crypto Ban Lifted by Indian Supreme Court
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After a two-year battle, the Supreme Court of India has finally lifted the cryptocurrency ban that was imposed by the Reserve Bank of India (RBI) on Apr. 6, 2018, the Economic Times reports.   

Related Selling or Mining Crypto Will Be Punished by Up to Ten Years of Prison Time in India  
Related
Selling or Mining Crypto Will Be Punished by Up to Ten Years of Prison Time in India  

The court ruling is expected to be a boon for the local cryptocurrency industry that has been struggling big time after the RBI's crackdown. The country's central bank prohibited state banks to serve cryptocurrency exchanges and other companies that deal with the newfangled asset, but this is about to change now.          

Moreover, this Supreme Court decision indicates that it will not greenlight stricter regulations for cryptocurrencies after hearing another cryptocurrency-related case in the nearest future.            

Notably, despite its hawkish stance towards Bitcoin and other digital coins, the RBI also considered creating its own cryptocurrency, which is started exploring right before the damning ban. 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.