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The Supreme Court of India invalidated the decision of the Reserve Bank of India prohibiting financial institutions from working with cryptocurrency.
After RBI banned in April 2018banks to cooperate with exchanges and other companies in the field of crypto industry, many companies were forced to close, move their business or change direction. However, they filed a petition, hoping to reverse this decision.
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Today, the Supreme Court of India has ruled that central bank regulations are contrary constitutional norms, since they restrict the applicants' rights, therefore they cannot be lawful.
Representatives of the crypto industry celebrate victory,inform about the resumption of activity and the return of customers. However, since this verdict contradicts the RBI policy, businessmen are afraid of government intervention that could support the central bank and rethink this issue.