In a historic decision made by the Supreme Court of India, cryptocurrencies can now be traded in the country once more.
The bench, headed by Justice Rohinton F Nariman, ruled that the Reserve Bank of India’s (RBI) ban was ‘disproportionate’.
This decision comes two years after the RBI enforced a ban on the trading of crypto assets in April 2018 in a bid to protect consumers and market integrity.
The RBI’s 2018 circular was a heavy blow to start-ups and businesses that dealt with crypto assets and eventually forced them to shut down. But with the ban overturned, crypto supporters are hopeful that the crypto community in India will flourish once again.
“Historic day for Crypto in India. We can now innovate. The entire country can participate in the Blockchain revolution,” WazirX founder and chief executive Nischal Shetty tweeted.