It’s over. In the long-reigning , the Supreme court has ruled in favor of the digital asset businesses.
The apex court, in its ruling, quashed the harsh order of the Reserve Bank of India (RBI) that banned all the commercial banks under its purview from offering banking services to crypto-related businesses.
Breaking:
Supreme Court of India has struck off Reserve Bank of India’s (RBI) banking ban against . The Court held that RBI Circular dated 6th April 2018 is unconstitutional.
— Crypto Kanoon (@cryptokanoon)
The regulator issued the circular last April, which provided an ultimatum of 3 months to the banks. This crippled the entire crypto industry in the country, which was previously booming.
The ban caused a significant decline in crypto trades in the country, forcing multiple exchanges to shut their operations.
A landmark judgment
This is a landmark judgment for all crypto entities operating in the country as they can now again approach banks for services crucial for operating a digital currency exchange. The court, however, took months to make the decision as there were multiple delays in the dates of the court hearing.
Arguing in favor of crypto exchanges, the lawyer also in regulating digital currencies. The monetary regulator responded that digital currencies are not banned in the country in general – it has only put banking restrictions on the industry.
Meanwhile, a government-appointed panel in the country tasked to study the digital asset industry also recommended a ban on all private cryptocurrencies and heavy fines and up to 10 years of jail for any person dealing in digital currencies.
Though the RBI ban made a dent in the Indian crypto arena, Binance entered the market with the acquisition of WazirX, a popular crypto exchange in the country.
In Israel too, the Attorney General took a position in a court against the in providing services to crypto companies, rather they need to access each case for the risks of money laundering or other illicit activities.
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