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?
This is a very great news since we all now witness that there is a possible that a certain country will accept bitcoin as the part of their transaction. If India would share the positive effects of it to the other country, they will for surely gonna follow India in terms of having a cryptocurrency. It will gonna have a huge impact to the economy if this thing happens.
It should result to a market pump now but there is a bigger issue that we are facing now so this positive news was appreciated by the investors.
It seems like there is a fear already to invest due to the COVID 19 virus that people are thinking it could affect the economy and so as the crypto market.
Despite of that, the effect of the India lifting its ban to crypto will have a long term effect and we shall celebrate this soon, for now, we have to address this big problem first and the government for sure are doing all they can to stop this from spreading.