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Digital Currency Series: India To Become New Destination For Bitcoin As Apex Court Paves The Way For Cryptocurrency Prospects
The pioneer cryptocurrency, bitcoin has encompassed consolidation phase after 2019’s bearish phase, now it has bounced back from the lows $3,800 levels to $7k mark, although it couldn’t sustain that level, while India similar to the rest of the world which is on lockdown mode due to the coronavirus pandemic, this has caused a scarcity in circulation of liquid cash and few set of people prefer online transactions as the economy prone to deteriorate.
In a much-awaited landmark ruling that has set a precedent for FinTech world, the Supreme Court of India knocked over and inverted the order imposed by the country’s central bank (Reserve Bank of India) to prohibit banks from providing banking services to individuals and businesses that deal in cryptocurrency.
"The position is that [virtual currencies] are not banned, but the trading in VCs and the functioning of VC exchanges are sent to comatose by the impugned Circular by disconnecting their lifeline namely. What is worse is that this has been done i) despite RBI not finding anything wrong about the way in which these exchanges function and ii) despite RBI not finding anything wrong about the way in which these exchanges function and ii) despite the fact that VCs are not banned", the court stated.
As a result, digital asset business in India can now legally interact with the country’s banking sector to provide rupee-to-crypto on and off-ramps. This is a huge win for the country’s blockchain industry and, potentially, for the global crypto markets as the demand potential for “digital gold” could be substantial in a country that adores gold.
The excitement about the ruling could be felt when scrolling through Crypto Twitter on the day following the ruling. Nischal Shetty, the founder and CEO of the digital asset exchange WazirX, which was recently acquired by Binance, tweeted: “Crypto has won in India. We won!”
While celebrations are merited, the Indian crypto community still has to wait for a pending bill that would restrict the trading and use of cryptographic assets before it really starts to get out the champagne. Courtesy: BNC