advertisement

India Reverses Cryptocurrency Ban

advertisement
Cryptocurrecy, cash crisis, e-currency, blockchain

The Indian Supreme Court has overturned a two-year-old judgement banning cryptocurrency trading in the country.

advertisement

In April of 2018, the Reserve Bank of India (RBI) had instructed banks and financial institutions to refrain from facilitating services related to virtual currencies.

The Internet and Mobile Association of India, representing various cryptocurrency exchanges, had argued that trading in cryptocurrencies in the absence of a law banning those was a “legitimate” business activity under the Constitution. The RBI could not have denied them access to banking channels to carry on such business, it said.

advertisement

The Indian Central Bank has also been reportedly “exploring the creation of a sovereign-backed digital currency” which goes against the stance they’ve taken to cryptos publicly.

From a regulatory standpoint, it will be interesting to see if the RBI will facilitate the growth of cryptocurrencies and their trading within India since the new ruling isn’t necessarily a change of heart on their part but simply a court order.


Quick NetOne, Telecel, Africom, And Econet Airtime Recharge

If anything goes wrong, click here to enter your query.


WhatsApp Discussions

Click to join a Techzim WhatsApp group:
https://chat.whatsapp.com/Hkrbxuw2IByJdA6N43HBQc

If you find the group full, please notify us on +263 715 071 199 and we'll update the link.


Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.