India’s Supreme Court has overturned a ban on cryptocurrencies in what is being considered as a ‘historic verdict’.
The verdict comes two years after India’s central bank decision to outlaw cryptocurrencies, which restricted banks from facilitating “any service in relation to virtual currencies”.
The ruling will be a huge boost to the 1.3 billion population of India as well as up-and-coming cryptocurrency businesses in the region.
“Cryptocurrencies are an exciting technology that needs to be carefully studied,” said Vaibhav Kakkar – a partner at law firm L&L Partners.
“With this order, there is a likelihood of more mature and balanced regulation of cryptocurrencies and the fintech sector as a whole.”
SC allows cryptocurrency trading, cancels RBI's 2018 circular https://t.co/EKyqyuK70E via @timesofindia
— Subramanian Swamy (@Swamy39) March 4, 2020
There is also an ongoing hearing on how the Supreme Court will begin to regulate the cryptocurrency industry, with it being anticipated that strict laws will be loosened.
The news came as a relief to many Indians involved in an industry which has been almost criminalised.
CoinRecoil founder Kunal Barchha, for instance, welcomed the move by saying he would now be able to speak with potential investors who had been hesitant prior to the ban.
“Now crypto traders, investors, miners, can proudly speak up about what they do for a living,” he said.
“Now they won’t be judged as criminals.”
The move by the Supreme Court will come as a boost to Facebook and its proposed Libra project, which has attracted regulatory scrutiny from the likes of the United States after it was announced last June.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.