The Supreme Court of India has made a great decision today. The Reserve Bank of India (RBI) ban on Bitcoin and cryptocurrency trading has been uplifted. The decision was made on Wednesday 4 March 2020.
This is great news for the Indian crypto community. The crypto community is very happy today and this decision will bring more investors in the cryptocurrency space. India has one of the biggest crypto community and full of crypto enthusiastic.
Reserve Bank of India banned the trading of Bitcoin and cryptocurrency using Indian banks in April 2018. Investors and traders are not able to directly buy and sell cryptocurrencies using their bank accounts. Zebpay the biggest bitcoin exchange of that time was forced to shut down its services for Indian users.
After the RBI bitcoin ban, people are using cash or peer-to-peer (P2P) exchanges for bitcoin trading. There are many reports that banks freeze the accounts of users that are dealing with cryptocurrencies. Now Supreme Court has announced that RBI is not allowed to ban the interest of a community.
This is not yet clear how much and which amount users can trade with cryptocurrencies. Maybe RBI will release some new guidelines soon regarding the trading of Bitcoin. Finally, the Bitcoin ban has been removed, the Indian crypto community wins