A historic day for the Indian crypto community, the supreme court has finally ruled on the case against the banking ban by the central bank, the Reserve Bank of India (RBI). The court held that the RBI circular which places a banking ban on the crypto industry is unconstitutional.
Supreme Court Rules: Big Win for Indian Crypto Community
On Wednesday, the Supreme Court of India finally ruled on the case against the banking ban by the Reserve Bank of India, local news platform Crypto Kanoon reported from the courtroom. “The Judgment Day has finally arrived,” the team wrote, tweeting at 10:45 a.m. (Indian Standard Time):
Breaking: Supreme Court of India has struck off Reserve Bank of India’s (RBI) banking ban against crypto. The court held that RBI circular dated 6th April 2018 is unconstitutional.
The supreme court concluded hearing the arguments against the RBI ban on Jan. 28, after almost two years since it first decided to hear the case. The court heard extensive arguments from the counsel for the Internet and Mobile Association of India (IAMAI), Ashim Sood, followed by the counsel representing several crypto exchanges, Nakul Dewan. It also heard the arguments in favor of the ban from the central bank’s counsel, Shyam Divan.
The RBI issued a circular in April 2018 banning regulated financial institutions from providing services to crypto businesses. The ban went into effect three months later and banks subsequently closed the accounts of crypto exchanges, forcing some of them to shut down, including Zebpay, Coindelta, and Koinex.
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