April 21, 2024

The Supreme Court of India has allowed the use of cryptocurrencies in the country

The Supreme Court of India overturned the directive of the country's Central Bank (RBI), which prohibited the use ofBitcoin and other cryptocurrencies in India.

Jury of three judges led by a judgeRohinton F. Nariman agreed with the petition filed by cryptocurrency exchanges asking for the RBI decision to be reversed. The directive issued by the RBI in April last year prohibited banks and other financial institutions from providing services to cryptocurrency companies.

Supreme Court Decision Must Spurthe development of the cryptocurrency industry in India, which stagnated over the course of the year. In addition, the court is considering another case regarding the implementation of digital asset regulation in India.

“If all this is true ... India is almost as greatlike china. This will open up a huge market for Bitcoin trading, ”said Joe McCann, a cryptocurrency analyst and cloud computing and artificial intelligence specialist at Microsoft.

It should be noted that last summer, rumors appeared about the development of a bill in India that would completely ban the circulation and ownership of cryptocurrencies, except for the digital rupee.