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.cmsThe Reserve Bank of India did not prohibit the cryptocurrency circulation in the country. This was a recommendation to financial institutions not to service any activity in the cryptocurrency. However, there was no direct prohibition of cryptocurrency. Now that this restriction has been lifted, India is among the states where there is no regulation of cryptocurrency and where it is still not legalized. A special government commission recommended that the cryptocurrency circulation in the country be completely prohibited and that a ten-year prison term be imposed on those who use it. Other states have nothing to learn in India and follow its example.