India the much-awaited country which is thriving to embrace cryptocurrency from a very long time can enjoy a sigh-of-relief from the debatable cryptocurrency RBI ban, that was imposed by India’s central bank- the Reserve Bank of India on April 16, 2018, and got effected from July 2018.
On March 4th, the country’s apex court- the Supreme Court of India has released a new judgment and lifted the cryptocurrency RBI ban on cryptocurrency exchanges and crypto dealings. Meaning, the banks, and financial institutions now can issue their services and involve in crypto commerce without any fear. However, the rulebook is yet to be proposed.
The news has published by the litigation news portal LiveLaw.in in the morning around 10:49 AM.
According to the report, the jury of three honorable judges named Rohinton Nariman, S Ravindra Bhat, and V Ramasubramanian have given the judgment and liberated Indian banks to deal with crypto-related firms and provide services to them.
Announcement! Cryptocurrency RBI Ban Being judged as “disproportionate”
After SCI’s reversal of RBI’s ruling, the news has come like a boon to Indians who can now trade in cryptocurrencies who were so far in the apprehensive positions of trading in cryptos. The three court benches called the RBI ban “was disproportionate” while delivering the verdict.
Here is the copy of judgement which took place in India on March 4th after 22 months of blanket ban. The 180 page document talks about various arguments and perspectives from the both parties.
Internet and Mobile Association of India vs Reserve Bank of India on Crypto Blanket Ban
Earlier, the Internet and Mobile Association of India (IAMAI) was actively fighting against the blanket ban in the high court because RBI’s decree (cryptocurrency RBI Ban) according to the not-for-profit organization was inappropriate, that was taken inaccurately and without much research.
The IAMAI whose members are comprised of industry leaders and several cryptocurrency exchanges like Unocoin, and Etsy, had exhibited the objection and issued a petition against RBI’s decision which has now fixed by the Supreme court of India.
Since January 2019, the Reserve Bank of India is being challenged by Advocate Ashim Sood and other lobbyists against the harsh decision which according to Sood stopping the country’s growth.
Sood stated that the RBI rule is not acceptable because the blanket ban was grounded on an invalid perception that stopped RBI to regulate cryptocurrency in India.
One of the key arguments that the central bank had given was the cryptocurrency/virtual is a digital mode of payment and the institution is “empowered by law” because of money laundering issues.
RBI pointed that, “The intervention is a must to stop the country and the economy to put in danger.”
Against the claims of RBI, the petitioners contended that RBI’s decision removing cryptocurrencies from the banking channels will eat up the laws and run down the expertise and actions of the law enforcement groups, to regulate illegal activities in the country.
This is because the brain drain has already started up and the banned legitimate businesses have moved their activities overseas in the cryptocurrency/virtual currency space to circumvent the objectionable cryptocurrency RBI ban.
India Embracing the Future of Crypto
Zebpay, one of the popular cryptocurrency exchanges from India, which had to move its operation outside the country due to the cryptocurrency RBI ban, today expressed its delight and positive approach to the apex court’s decision.
Ray Youssef, CEO of Paxful has expressed his pleasure while discussing with KonPost in announcing the exchanges upcoming services, which the compassionate cryptocurrency exchange is releasing soon and moving forward in its mission, to create financial freedom globally.
“The people of India demand innovation and transparency from their financial platforms. Sanity has taken hold and the people are being heard. Cryptocurrencies bring so many blessings in allowing people to store, invest and most importantly exchange their money without borders. The people of India will continue to set the pace for cryptocurrency adoption and Paxful is seeing an immense community form around People Powered Finance.”Source: Ray Youssef in conversation with KoinPost
While Zebpay aired their appreciation to the SC and posted on Twitter.
Binance also tweeted while supporting the efforts s Wazirx India. Wazirx has recently done an IEO on Binance and gathered a remarkable position in the cryptocurrency space.
The cryptocurrency RBI ban is removed still the clear rules and guidelines are yet to be announced.
Stay informed! Story to be updated soon by KoinPost, once the complete information and the new protocols are become live on cryptocurrency commerce in India, on the SBI’s judgment against cryptocurrency RBI ban.