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Supreme Court of India lifts RBI ban on Cryptocurrencies



Supreme Court of India lifts RBI ban on Cryptocurrencies
  • Supreme Court of India has lifted the banking ban on cryptocurrencies on March 4, 2019.
  • Banking ban was imposed by RBI in April 2018.
  • NischalShetty: India will see 100 crypto new startups in the next few months.

Now it’s a big relief for the virtual currency traders in India as Supreme Court of India lifts RBI ban that was imposed on April 2018.

RBI issued a circular on April 6, 2018, and imposed a restriction to the banking institutions not to deal in any businesses related to virtual currencies. It also said that Bitcoin is not a ‘legal tender’.

Due to RBI banking restrictions, many cryptocurrency exchanges of India has to shut down their businesses due to regulatory issue. Cryptocurrency exchanges like Zebpay, Koinex, Coindelta etc. shut down their businesses. However, Zebpay has made a comeback with a new complete new team.

Nischal Shetty, the Founder and CEO of WazirX tweets, “Historic day for Crypto in India. We can now innovate. The entire country can participate in the Blockchain revolution. Your money is your money.”

Nischal shetty

He is also the one-man army for the #IndiaWantsCrypto campaign on Twitter. Nischal tweets daily with #IndiaWantsCrypto and today on the 489th day we all won.

CZ Binance on lifting RBI ban

Binance CEO, CZ replied to the tweet of Nischal Shetty, “Yesterday, @binance went live with #Turkey’s largest Bank. Today, Supreme Court of #India tells Reserve Bank of India’s (RBI) to stop banning crypto businesses.”

Disclaimer: Koinalert’s content is only for information purpose in nature and should not be considered as investment advice. Do your own market research before investing in any cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.

Ashish is a cryptocurrency journalist who has been passionately involved in the bitcoin space since 2016. His interests lie in bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.