Indian Supreme Court invalidates Reserve Bank of India ruling prohibiting financial institutions from working with cryptocurrency.
INDIA RESERVE BANK MOVES TO BAN BITCOIN & CRYPTO AGAIN. WHY IT DOESN’T MATTER.
After RBI banned banks from cooperating with exchanges and other companies in April 2018 in the crypto industry, many firms have been forced to close down, relocate their businesses, or change direction. However, they filed a petition hoping to overturn this decision..
Today, the Supreme Court of India has ruled that the central bank’s orders are contrary to the constitution, as they restrict the rights of the applicants, and therefore cannot be lawful..
The crypto industry is celebrating the victory, reporting the resumption of activity and the return of customers. However, since this verdict is contrary to RBI policy, businessmen are afraid of government intervention, which could support the central bank and rethink this issue..
text: Ivan Malichenko, photo: Shutterstock