Quote from: eaLiTy on September 20, 2020, 04:03:00 PM

Quote from: bryant.coleman on September 20, 2020, 02:44:08 PM

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The supreme court didn't declared that Bitcoin was legal. They declared that the banking ban on Bitcoin was illegal. Some of the analysts claim that this mean that Bitcoin is legal in India. As such, there was no ban imposed on Bitcoin. However, there was a ban on the use of bank accounts, for the purpose of cryptocurrency trading. This ban was overturned by the supreme court of India.

It is a fine line when it comes to the interpretation of the law, the mobile association approached the Supreme court challenging the ban imposed against institutions by the RBI and the legality of BTCitcoin and the important note i saw in the judgement is that the court reviewed and said that cryptocurrency is capable of being accepted as a valid payment for the purchase of goods and payment services and the RBI should think about regulating it.

The above highlighted is the almost exact quote from the judgement notes which means it is legal in the eyes of the Supreme court. If the government or the RBI come up with a counter point and convince otherwise we might see a different judgement, but as of now this is the situation.

In this case, the Supreme Court has taken a favorable view of the cryptocurrency. But still, the judgement can change as per the government policy. If the government comes up with a law banning the ownership and transaction of cryptocurrency, I don't think that the courts can remove that ban (at the most, they can give suggestions). Last time, the loophole was created because the government was not yet ready with a law regarding cryptocurrency.