India's ban on cryptocurrencies won by Supreme Court crypto community rules unconstitutional victory

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This is a historic day for India's crypto community, and India's Supreme Court finally ruled on the country's central bank, the Reserve Bank of India (RBI) banning cryptocurrencies. The court ruled that the circular of the Reserve Bank of India on April 6, 2018 (prohibiting financial institutions from providing banking services to cryptocurrency companies) was unconstitutional. On Tuesday, India's Supreme Court finally ruled on the ban imposed by the Reserve Bank of India. The Indian news platform Crypto Kanoon reported in court: "The trial day has finally arrived." At 10:45 am Indian time, Crypto Kanoon wrote on Twitter: The court finally ended on January 28 as the Supreme Court of India decided to hear the case for the first time The day ended the debate against the Reserve Bank of India ban. The court heard a wide-ranging debate between Indian Internet and Mobile Association (IAMAI) lawyer Ashm Soder and lawyer Nakul Wander representing several cryptocurrency exchanges. It also heard that the lawyer for the Central Bank of India, Thiam Dewar, supported the ban. The Reserve Bank of India (RBI) issued a notice in April 2018 prohibiting regulated financial institutions from providing services to the cryptocurrency business. The ban came into effect three months later, after which banks closed accounts on cryptocurrency exchanges, forcing some of them to close, including Zebeta, Konic, and Konic. Cryptocurrency groups around the world have been eagerly looking forward to seeing how India will handle its cryptocurrency policy. Since February last year, the Indian government has been drafting a draft bill aimed at explicitly banning cryptocurrencies other than those issued by the state. The Indian Inter-Ministerial Committee drafted the 2019 Prohibition of Cryptocurrencies and Official Digital Cash Regulations, whose mission is to study all aspects of cryptocurrencies and provide recommendations for India's crypto policy. The Indian Monetary Committee, headed by India's former finance minister, Subash Chandragarh Galg, has resigned. However, he still believes that the future of cryptocurrencies is "very short-lived" and that they are "essentially worthless code." The bill also provides that the Indian central bank can issue digital cash. Last December, Bank of India Governor Shakti Cantadas revealed that the Reserve Bank of India is already studying this area. He says: "When technology is fully guaranteed, I think the Reserve Bank will seriously consider this area in due course." In February last year, Indian Finance Minister Nirmala Sitharaman received the Indian Monetary Commission. A draft of the crypto bill, but no decision has been made. The bill was originally scheduled to be introduced late last year. The bill is expected to be introduced in Parliament last winter, but has not been passed, and the government has remained silent since. The crypto community believes the bill is flawed and has been urging the government to re-evaluate the IMC's recommendations. Meanwhile, the Reserve Bank of India and the Indian government have repeatedly confirmed that India has not banned the use of cryptocurrencies. Even with bank restrictions, the Indian crypto community has found a way to continue buying and selling cryptocurrencies. In order to continue to provide INR access to their users, many cryptocurrency exchanges have initiated peer-to-peer transactions. Several exchange service providers recently announced their services. For example, Cashaa, a UK-based banking platform that has been expanding its operations in India, now offers free deposit and withdrawal services. The company also plans to host a roadshow this month to prepare Indian cryptocurrency users for the next bull market. The global exchange currency and the popular Indian exchange waziri have united to launch India's first IEO project. In addition, Zebetta, once one of India's largest cryptocurrency exchanges, resumed trading on Monday before the Supreme Court ruled. Previously, the exchange closed its Indian operations in September shortly after the ban from the Bank of India in 2018 came into effect. Blockchain is risky, so invest with caution! If you want to learn more about this circle, or if you have any information or cooperation, you can edit WeChat: 18950199828 or scan the following QR code to add: Welcome to recommend or share with friends. Please indicate the source to find the public number "Yunxin Blockchain" or a note on searching for "yqk0592". Welcome to recommend or share with friends. Please indicate the source to find the public number "Yunxin Blockchain" or a note on searching for "yqk0592". Welcome to recommend or share with friends. Please indicate the source to find the public number "Yunxin Blockchain" or a note on searching for "yqk0592".