India Reverses Cryptocurrency Ban

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

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.

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.

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