March 28, 2023

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

Indian Supreme Court repeals Central Bank Directive (RBI), which banned the use of Bitcoin and other cryptocurrencies in India.

Jury of three judges led by a judgeRohinton F. Nariman agreed with the petition filed by cryptocurrency exchanges, in which they asked to cancel the decision of the RBI. A directive issued by RBI last April 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.

Note that last summer there were rumors about the development of a bill in India that would completely prohibit the circulation and ownership of cryptocurrencies, except for digital rupee.