India’s Supreme Court removes curbs on crypto trade

by in Cryptocurrency News

India's Supreme Court

The Reserve Bank of India (RBI) Directive banning accountable organizations from providing banking services to companies involved in the trading of BTC and other cryptos has been repealed by a decision of the country's Supreme Court.

Earlier, cryptocurrency exchanges, startups, and other industry representatives appealed the ban in force since 2018. Due to the problems encountered, some of them were forced to close or leave the country.

The court agreed with the arguments of the representatives of the crypto industry, and this decision can be regarded as an apparent victory.

Trending: WBTC and WETH Now are on Tron

Earlier this year, RBI emphasized that the ban on servicing the cryptocurrency business by the country's financial institutions is designed to protect companies from the risks associated with the sale of digital assets, including the financing of terrorism and money laundering.

Note that in July 2019, a working group under the Government of India also recommended a complete ban on cryptos, except for digital tokens created by the central bank. The prepared bill involves punishment for the use of cryptos in the form of enormous fines or imprisonment for up to 10 years.