Indian cryptocurrency exchanges are bringing back banking support after the Supreme Court of India struck down the banking ban on the crypto industry. News.Bitcoin.com talked to several crypto exchange executives to find out the effects of the supreme court ruling and what their exchanges plan to offer users now that the banking ban has been removed.
Supreme Court Verdict on Cryptocurrency
After almost two years, the Indian crypto community finally won the battle against the Reserve Bank of India (RBI), and crypto enthusiasts are celebrating worldwide. The Supreme Court of India passed judgment on Wednesday striking down the central bank’s April 2018 circular which bans regulated financial institutions from providing services to crypto businesses. The court held that the RBI circular is unconstitutional, as news.Bitcoin.com reported.
Following the judgment, the National Association of Software and Service Companies (Nasscom), a major trade association of Indian Information Technology and Business Process Outsourcing industry, tweeted:
We welcome the supreme court’s decision to lift RBI’s ban on trading in cryptocurrency. We believe that banning tech is not the solution, a risk-based framework must be developed to regulate and monitor cryptocurrencies and tokens.
Indian Parliament Member Dr. Subramanian Swamy has been keeping up with the crypto vs. RBI case. Referring to the supreme court (SC) verdict on cryptocurrency, he tweeted on March 4: “SC allows cryptocurrency trading, cancels RBI’s 2018 circular.” Responding to a question of whether cryptocurrency could lead to “any black money or corruption where babus and netas start using crypto instead of currency notes,” he wrote:
If it is unstoppable then develop software to regulate it. Blanket ban is useless.