On Wednesday, the Supreme Court of India has lifted the Ban on Cryptocurrency Trading in India. If you don’t know then let me tell you Cryptocurrencies are digital currencies in which different technique is used to improve the generation of units of currency. In the year 2018, the central bank has banned the rules to do Cryptocurrency trading, and it has also prohibited banks and other institutes from providing any service related to Cryptocurrency. But finally, today, the Supreme Court has made Cryptocurrency legal in India.
Supreme Court Lifts RBI Ban On Trading In Cryptocurrency
The Reserve Bank Of India (RBI) has forced a ban on Bitcoin trading in April 2018. And other financial institutions also did not give any service related to cryptocurrency.
At that time, RBI said, this move is important to check “ring-fencing” of India’s financial system. It was noted that Bitcoin and other cryptocurrencies couldn’t be treated as currencies just because they are not made of metal or are not available in physically. Also, there is no stamp by the government.
The companies and other local startups offered service to trade at that time Central Bank gave the notice to shut the facility.
A group of candidates like trade body Internet and Mobile Association of India has challenged the central bank and argued that India should look at other nations. As other countries are not only allowing cryptocurrency trading but it has also launched their virtual currencies.
A tech investor, Nitin Sharma said, the court’s ruling was “historic” and now finally the matter is cleared.
A founder and chief executive of Bitcoin, Nischal Shetty, said, “Historic day for Crypto in India. We can now innovate. The entire country can participate in the Blockchain revolution.”