In what is great news for India’s crypto community, the Supreme Court of India has struck down the Reserve Bank of India’s (RBI) banking ban on Bitcoin and other cryptocurrencies. The apex court ruled that RBI circular dated April 6, 2018 is illegal and the circular is likely to be withdrawn by the RBI.
Abhishek Gopal, founder of cryptocurrency exchange and blockchain startup ThroughBit, told Inc42 that the positive outcome is a validation of the fight the crypto community has been fighting for the last seven years. “The court took time but came up with a positive decision. This will have a ripple effect in the crypto ecosystem. With banking being available now, a lot of services around crypto will now be launched,” Gupta added.
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