Indian crypto community is cheering loud as the most awaited judgment is finally arrived -"the judgment on the #CryptoV/SRBI case". As per the latest report, it turned out in favour of cryptocurrency. 

“Supreme Court rules cryptocurrency trade illegal”

Supreme Court adds that the RBI’s attempt to ban banking support for crypto exchanges was illegal and hence-fort lifted the ban on trading in cryptocurrencies such as bitcoin. While nothing much has been revealed as to what implications might come forth for crypto regulations in India, the country’s trusted regulatory news channel, CryptoKanoon states that; 

Supreme Court of India has struck off Reserve Bank of India’s (RBI) banking ban against #Crypto. The Court held that RBI Circular dated 6th April 2018 is unconstitutional. 

Supreme Court Opens Door For Cryptocurrency in India

Following the news, Nischal Shetty, the founder of WazirX who has long been running the #IndiaWantsCrypto campaign with an aim to encourage regulators to bring positive crypto regulations, took to Twitter and excitedly added: “Your money is your money”.

Furthermore, he termed the judgment day as “Historic day for Crypto in India” and added; We can now innovate. The entire country can participate in the Blockchain revolution” 

Similarly, Sumit Gupta who is a founder of the country’s leading exchange CoinDCX appreciated everyone who was involved and fought against the Ban. He tweeted as follows; 

What’s more interesting is that the news regarding SC lifting crypto banking ban was also picked up by the country’s largest TV media outlets. One such news outlet NEws18 ran a major headline, writing “Bitcoin ban lifted” - SC Squashes Complete Ban on Cryptocurrency. 

RBI's 2018 Circular Termed Unreasonable & Disproportionate 

Noticeably, Country’s central bank, Reserve Bank of India (RBI) via its circular in 2018 restricted holders, traders and users of virtual currencies from dealing with bitcoin and cryptocurrencies in general. Moreover, the bank restricted banks from providing banking support to exchanges and firms involved in bitcoin and crypto trading. Few banks also sent cautioned notices to customers upon identifying their association with the crypto ecosystem. This wasn’t it, the draft bill proposes a 10 years prison sentence for individuals who hold, mine, trade, transfer, sell or issue cryptocurrencies directly or indirectly was also being presented. 

However, Aashim Sood, the counsel of the Internet and Mobile Association of India, representing various crypto exchanges argued against the RBI. It was reported by CryptoKanoon during live updates that Mr.Sood had strong stances, proving how the blanket ban proposed by RBI was based on an erroneous understanding. Consequently, the case was heard by a three-judge bench, Justice R F Nariman, Aniruddha Bose, and V Ramasubramanian. 

While March 04 marks the biggest day for the Indian crypto community, the country’s next step towards regulatory crypto remained to be seen. 

Stay tuned with Bit2Buzz for more info.