Christopher Haruna Hamman is a Freelance content developer, Crypto-Enthusiast and tech-savvy individual. He is also a Superstar Content Developer, Strategy Demigod, and Standup Guy.
After a two-year crypto ban imposed by the Reserve bank of India, the Supreme Court has decided to allow cryptocurrency trading.
The crypto ban has been reversed in India. Sources have reported that the Indian Supreme Court decided to overturn the two-year-old ban. Many within the crypto space have been jubilating concerning the given judgment. The verdict has been seen by many as a gamechanger for cryptocurrencies in India and Asia.
The Reserve Bank of India (RBI) had previously banned crypto trading. The ban had prevented financial institutions from providing “any service in relation to virtual currencies.” The RBI also indicated that this was meant to keep the Indian Economy “ring-fenced”. This drove a lot of cryptocurrency pundits up the wall.
Cryptocurrencies had also been considered by the RBI as not being tradeable currencies. This affected the cryptocurrency business cycle in India. Many startups and crypto-related businesses had shut down since then.
Crypto Ban in India Was Challenged by Tech Community
Sources further report the judgment was given in a panel headed by Justice Rohinton F Nariman. The judgment was approved in favor of cryptocurrency trading on the grounds of disproportionality. Sources also indicate that the petitioners to the Country’s apex court include the Internet and Mobile Association of India. The association is a top technology trade body in India.
This portends great things for the Indian cryptocurrency community. As it stands, a boom period for the crypto space in India is already underway.
Before now, many had considered the hard stance of the RBI as the end. Now, the Supreme Court’s decision has created a new beginning. With a population of over a billion people, India may yet be the savior of the crypto industry. The sub-continent is already known for being a force in information technology.
Indians are generally a tech-savvy population. How this will translate into cryptocurrency adoption remains yet to be seen, however, things will become easier for the crypto space on a global scale considering India’s contribution to the tech world.
India Is Set to Progress
The Indian Supreme Court has set a precedent. It can’t be ignored. More freedoms concerning cryptocurrencies are likely to follow on the sub-continent.
The RBI on its part may also join the train. The RBI had hitherto reportedly wanted to create its cryptocurrency. The Central Bank Digital Currency (CBDC) would have changed a lot of perspectives concerning the crypto space. Another opportunity to do this exists.
The restrictions that the RBI implemented are similar to those of other Central Banks who are afraid of change. While change is a good thing, control can even be better. As cryptocurrencies evolve we are going to see that come into play as regulations kick in. For now, though, the crypto community can finally say in Hindi: “Namaskar!”