After some hard weeks for digital currencies, the Indian Supreme Court informed that they are lifting the crypto ban imposed by the Reserve Bank of India (RBI), the country’s central bank. The information was released by the Economic Times a few hours ago. This is going to have a positive effect on the crypto market in India.
Indian Supreme Court Allows Crypto Trading
The report explains that the Supreme Court ordered to lift the ban on trading in virtual currency and Bitcoin. Moreover, the Supreme Court stated that the ban on these activities was illegal. Due to the ban, a large number of crypto companies were affected, making the whole ecosystem much more vulnerable.
Indeed, exchanges and other firms had to leave the market and move to other nations in order to remain operative in the market. Nonetheless, many of these firms had to shut their operations down.
According to Benson Samuel, the Director of Technology at Tokenyz Ventures, the new measure taken by the Supreme Court is going to be very positive for the whole industry.
On the matter, Mr. Samuel commented:
“It’s a very positive sign that has come through, something that we have been waiting for and expecting for two years now. Most of the infrastructure and bits and pieces towards the cryptocurrency was already built out over the last few years.”
Indeed, he believes that many of the companies that left the market in the last years could eventually come to the country. There are several jurisdictions around the world that are trying to attract a larger number of firms and companies to their territories with friendly measures.
The Reserve Bank of India almost banned virtual currencies in the country and users were not able to trade them through traditional crypto platforms. Banks were also affected by these measures: they couldn’t offer services to firms operating and handling digital assets.
The RBI claimed at the Supreme Court that they were trying to protect the banking system by avoiding other solutions and services to expand in the country. Nonetheless, this has harmed the economy and the possibility for the country to be at the forefront of the crypto revolution around the world.
At the time of writing this article, Bitcoin (BTC) is being traded around $8,800 and it has a market capitalization of over $160 billion. It will be very interesting to see the effect that the current decision of the Supreme Court will have in the Indian crypto market.