In 2018, banking regulatory body in India issued a circular to the Indian banking and financial institutes to ban any trading in cryptocurrencies. The India's crypto-association moved to the court against this decision. As the case reached to the apex court of India, the verdict was eagerly awaited by both parties. Today the apex court has overturned the circular which banned crypto-trading. It stated that the decision from banking regulators was unconstitutional. This news will have a much needed positive effect to the Indian crypto-market. Respected companies which were active in trading are slowly resuming their services.
I personally think this should be considered as a ground-breaking decision which not only decriminalized crypto-trading but also gave much needed legal status to the crypto-currencies in India.
Do you think other countries should have similar approach to the crypto?
Reference:
https://timesofindia.indiatimes.com/business/india-business/supreme-court-allows-cryptocurrency-trading-cancels-rbis-2018-circular/articleshow/74470172.cmsDefinitely. Crypto as much as the standard currency used by each countries, can compete and can really boost one's economy and trade, as well as job opportunities for people and investors. The challenge that was battled by Bitcoin in India is a legit proof and best example how it can be one of the currency that can be used by a country, only that it follows certain guidelines and standard that is far from fiat. Since fiat is regulated by the government, I think the problem will undergo in the court, and that much study must be made. We are aware that each country has their own currency and things, why they happen, always has reasons. Let's just hope that the countries find the realization that Cryptocurrency is a great player and follow India's initiative as well.