A battle being fought in the court of law for nearly two years finally culminated in a resounding success of the future of cryptocurrencies in India. In what would be counted as a historical verdict, the Supreme Court of India lifted the blanket ban on all cryptocurrencies, including Bitcoins.
The verdict also deemed the Reserve Bank of India (RBI) circular issued on April 6, 2018, unconstitutional, which now will most likely be withdrawn by the Reserve Bank of India.
The affirmative verdict has ushered the country in a state of sheer exuberance and optimism for what is coming our way in the future. The blanket ban by the RBI became a rallying purpose for different players in the crypto ecosystem to come together and strive for better regulations instead of completely shunning cryptocurrency and all of its promise.
From Twitter campaigns to in-person mediations, different entrepreneurs and lawyers came together to ensure that India would continue to participate in this global revolution.
Struggling for nearly two years, the final verdict is reminiscent of a sweet victory. However, lifting the ban is more than just a glorious moment worth celebrating. Here’s counting all the benefits that India can now reap following the historic judgment.
Wider participation could revive India’s economy
The popularity of crypto could be traced by a simple fact that despite a blanket ban on all crypto-related banking transactions, Indian users never said quit. As Indian exchanges were quick to adapt to different models of trading in crypto, noteworthy to mention the P2P model, a section of users continued to participate in this global phenomenon.
However, with the blanket ban now being dissolved, more Indians will be able to systematically build wealth through trading and investing in cryptocurrencies. While the P2P model had several takers, users can now simply use their bank accounts for fiat deposits and withdrawals, which will only add to the success of crypto in India.