Cryptocurrency Trading Is Legal Now In India!
The verdict by India's Supreme Court to overturn the RBI's ban on cryptocurrency trading could convert soon into eminent development in trading volumes, as per cryptocurrency exchanges in the country.
4th March was a noteworthy day for tech-enthusiasts in India. The supreme court of India announced it’s ruled against RBI’s ban on cryptocurrency trading which states that entities facilitating banking transaction relating to cryptocurrency is unlawful. The denial of cryptocurrency trading by Reserve Bank of India (RBI) was subject to secure integrity of the Indian market, interest of the regular investors and elimination of money laundering.
In a simple way, Indian traders will now have the option to directly deposit Indian rupee (INR) from bank accounts to crypto trades. Accordingly, it will be more helpful for users to cash in and cash out of their holdings.
Since December 2013, when the RBI gave its first alert against cryptocurrencies to March 4, things have made a long way. The ban negatively affected crypto-trades in India, making the most of them wrap up their operations. Many of the leading trade exchanges of the time even struggled to accumulate resources to keep up the battle. The ban additionally causes discouragement of blockchain-related advancement and caused the talent to flee to more conducive countries like Singapore, Dubai, the USA, UK, Australia, etc.
RBI's decision was wrongly interpreted as legal decision deeming virtual currency trading as an unlawful activity. With the Supreme Court's most recent decision, the circumstance is widely expected to change for the good. The world has followed these proceedings intently through the span of the past two years, keeping an eye to take advantage of India's 1.2-billion-strong market, as tech-policy in India is probably going to impact policy in other places too.
As of today, the RBI’s ban is quashed, which implies that banks can now offer their services to crypto-trades and different ventures dealing with cryptocurrencies. This will surely give a break to various crypto-ventures inside India or to ones hoping to enter the crypto market. Many other crypto-trades in the country may resume their operations now.
As a result of this, an Indian cryptocurrency exchange has already included the support for bank account transfers, hours after the Reserve Bank of India (RBI) had to overturn its ban on cryptocurrency trading.
Mumbai-based CoinDCX declared Wednesday that users would now be able to buy cryptocurrencies with the Indian rupee, as the exchange turned out to be the first platform in India to completely integrate bank transfers.
This integration came less than six hours after the Supreme Court of India ruled against a 2018 ban enforced by the RBI, which prohibited domestic financial institutions from giving financial services to cryptocurrency companies.
To summarize, the judgment does not clearly support or oppose cryptocurrency trading at the policy level. Rather, the court has observed that the trading was not causing any threat as presented in the notification of RBI. The court just found an issue with the RBI’s restraint on cryptocurrency trading.