Cryptocurrency Trading In India Allowed by Supreme Court

Cryptocurrency Trading In India Allowed by Supreme Court

Cryptocurrency trading won’t be illegal in India, the Honorable Supreme Court order said, lifting the 2018 ban by the Reserve Bank of India. Indian markets would have been massive for cryptocurrency but the Indian government was concerned about volatility in cryptocurrency market. Another major issue for the Indian government was to control the flow of money. India suffers from black money in a big way and cryptocurrency would be difficult to be tracked by Indian government. RBI had issued strict instructions on any kind of trading activity involving cryptocurrency in India.

Banks were directed to block any transactions in which cryptocurrency trading or adding funds to crypto wallets was involved.

RBI had argued that Bitcoin and other cryptocurrencies cannot be treated as currencies as they are not made of metal or exist in physical form. And, majority of cryptocurrencies were issued by private companies.

This verdict will be historic for cryptocurrency markets. This will also lead to setup of online bitcoin and other crytocurrency trading platforms in India. Indian online market is growing fast and financial products segment has a major growth potential.

Talking about the Supreme Court verdity, Nischal Shetty, founder and chief executive of Bitcoin exchange platform WazirX said, “Historic day for Crypto in India. We can now innovate. The entire country can participate in the Blockchain revolution.”

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