India legalizes cryptocurrencies and blockchain technology

The Indian Supreme Court has struck down the Reserve Bank of India's (RBI) ambiguous ban on commissioners.banks with cryptocurrency companies, Bloomberg reports.

The decision was made today on March 4. However, the good news for the blockchain industry in India does not end there. General Nirvane announced his readiness to use blockchain technology and high-precision laser weapons in the Indian army.

Is India leading the industry?

In the dispositive part of the Supreme Courtit is indicated that the RBI has not provided any evidence of the negative impact of cryptocurrency exchanges on the functioning of the banking system. At the same time, in fact, the Central Bank of India did not prohibit transactions with virtual currency, but only introduced restrictions on the work of banks with crypto companies from April 2018. These measures led to capital flight from India.

Ban on RBI was appealed by publicorganizations, and a petition was sent to the Supreme Court on behalf of the Indian Internet Mobile Association (IAMAI), of which Yahoo! India, Apple, eBay, Unocoin, and Etsy.

Court ruling takes 200 to 300 pagesand it talks about disproportionate RBI measures. In addition, the Supreme Court stated that the Central Bank exceeded its authority and did not have the right to limit the provision of financial services to any companies, including cryptocurrency. The full court decision will later be made publicly available on the organization’s website.

Meanwhile, Major General of the Indian Army Naravane,Speaking at the Indian Army internal seminar on the topic “Changing the characteristics of land wars and their impact on the armed forces”, he emphasized the use of blockchain and put the technology on a par with high-precision modern laser weapon systems.

At the same time, it becomes clear thatThe government stablecoin project in India will still receive a “second wind.” The state intends to actively participate in the digital assets market, competing with decentralized financial instruments.

Moreover, this decision of the Supreme Court of Indiacould play a pivotal role in the development of the Libra cryptocurrency project. For the social network Facebook and its WhatsApp messenger, the Indian market is one of the most dynamically developing and could become the basis for the launch of a new global digital currency.

In any case, this decision is an impetus to the development of cryptocurrency trading in this country. As Nishal Shetty, founder of the Wazir India crypto exchange, noted:

“This is a historic day, we now have the right to develop innovation, which means that the whole country will be transformed under the influence of the blockchain.”

Historic day for Crypto in India. We can now innovate. The entire country can participate in the Blockchain revolution

Your money is your money. # IndiaWantsCrypto

- Nischal (WazirX) ⚡️ (@NischalShetty) March 4, 2020

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