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Cryptocurrency Trading Ban Abolished in India

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Cryptocurrency Trading Ban Abolished in India

The Supreme Court repealed the Directive of the Reserve Bank of India (RBI) on the prohibition of providing banking services to companies related to cryptocurrencies.

Since 2018, cryptocurrency companies have been struggling with the obstacles provided by the state. Many of them were forced to stop their work or move to other countries.  Therefore, today can be safely called the victory of the cryptocurrency community.

This decision will stimulate the development of the cryptocurrency industry in the country.

Using cryptocurrencies in India does not violate the law. The country has high volumes of trade on LocalBitcoins and is one of the foremost cryptocurrency markets. However, RBI sought to remain vigilant and discouraged local ICO’s.

Was there a ban?

The RBI court documents say:

“Firstly, RBI does not prohibit cryptocurrencies in the country. The Bank instructed its regulated organizations not to provide services to those individuals and organizations that make payments in cryptocurrency. Thereby, RBI managed to protect a number of organizations regulated by it from reputational and financial risk.”

However, the cryptocurrency community of the country believes that the problem of crypto-fiat exchange in the country existed everywhere:

«RBI says there is no ban on cryptocurrencies.  On September 4, 2019, RBI filed a written statement with the Supreme Court stating that there is no ban on cryptocurrencies. However, in fact, there is a universal prescription for banks prohibiting the provision of services to individuals or organizations that engage in cryptocurrencies”

How will Bitcoin react?

But despite such positive news, Bitcoin is in no hurry to congratulate its users and is still moving within a narrow range. The expected growth has not yet occurred, this may indicate that the market is now more exposed to the influence of technical factors and macroeconomic risks associated with coronavirus. According to observations, the insignificant short-term growth of Bitcoin caused yesterday’s decision of the Central Bank to lower the rate by 0.5%.

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