Earlier today, India’s Supreme Court overturned a central bank ruling (RBI) that banned Bitcoin and all other cryptocurrency trading in the country. It found the original ruling unconstitutional. As Asia’s third-largest economy, it’s a soaring victory for the countries exchanges.
Originally placed in April 2018, the ban was lifted today by a three-judge bench as reported by Bloomberg. However, it was external pressure and several rounds of hearings for cryptocurrency exchanges, start-ups and industry specialists that challenged it and pushed for an overturn.
The ban was imposed by the RBI on banks and financial institutions to stop them from providing services to cryptocurrency-related firms such as exchanges. Additionally, another ban was also proposed for a 1-10 year jail sentence for anyone who mines, buys or sells cryptocurrencies but was, fortunately, not put in motion. At the time, experts stated that the first cryptocurrency-allowance laws could come between 2020 and 2021, in addition to the Supreme Court looking into RBI’s decision.
Moreover, after Facebook’s project Libra’s announcement, a representative of the company expressed their concern about a ban on the project in one of the largest markets and a market that could reap a lot of benefits from the new technology.
While the ban was in place, Binance made the strategic move of acquiring a top Indian cryptocurrency exchange: WazirX, which seems to be ready to pay off as they can officially open up for business in the country and provide their service to the public.
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