Overview-
- The Supreme Court of India lifts ban on cryptocurrency trading.
- The cryptocurrencies were banned in the year 2018, and the decision has come after two years of long-held challenging petitions.
- The decision has brought joy and a sigh of relief in all the cryptocurrency traders and the cryptocurrency enthusiasts of the country.
The much-awaited and the historic judgement has been made today by the Supreme Court of India by lifting the ban on cryptocurrency trading in India. The judgment was pending since 2018, and this has come after long and several petitions conducted.
Cryptocurrencies were banned in the year 2018 by the Reserve bank of India and the individuals involving and trading with the cryptocurrencies were to be punished and impose fine or imprisonment up to ten years. This judgement was challenged by the Internet and Mobile Association of India that questioned the RBI regarding the ban since cryptocurrencies were not a currency and were more of a commodity.
There was also a draft bill that was also prepared then by the government to launch as a government-backed digital currency in the country which would be issued by the Reserve Bank of India.
This has brought good news to all the cryptocurrency traders in India. This has brought good news to all the cryptocurrency traders in India. This has brought good news to all the cryptocurrency traders in India. Due to the ban, the innovation and development of digital finance were at a halt in the country.
With the lift in the ban, India will be an attractive place for the investment and trading in the cryptocurrencies. India has the potential of becoming a multi billion industry in the cryptocurrency and with organised planning and implementation this could come true in the next few years.