Indian Cryptocurrency Enthusiasts heard great news from the Supreme Court! Indian Cryptocurrency Enthusiasts heard from the Supreme Court of India regarding the Reserve Bank of India (RBI) and their ban on Crypto Trading.
The RBI first introduced the ban in April of 2018 via a ban on services that interacted with cryptocurrency. The highest court in India had dodged and swerved past the issue for years – until recently. Persistence was reportedly key in making sure that crypto enthusiasts were heard. Justices Rohinton Fali Nariman, S Ravindra Bhat, and V Ramasubramanian have all determined that the ban was “disproportionate” and has forced the RBI to back down.
The decision is seen as an enormous coup in the country, and the RBI will have to accept that their ban must be reversed. Chatter on social media erupted in celebration, with several exchanges stepping in to voice their delight. ZebPay was one of them, tweeting: “The verdict is out! Today the Supreme Court of India has removed the RBI ban on #crypto. We at ZebPay want to say a huge thank you to the SC for allowing millions of Indians to have access to crypto.”
ZebPay shut down operations last year, but made an announcement that they were preparing to re-enter the Indian market. RBI, to their credit, claimed that they did not issue a ban on crypto. But it should be noted that their ban prevented entities that dealt with cryptocurrency from seeking financial support of any kind.
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