RE: India’s Supreme Court Lifts Banking Ban On Crypto Exchanges
This is big and should be a big boost for Bitcoin and crypto in general today
India’s Supreme Court Lifts Banking Ban on Crypto Exchanges
“According to a report from Bloomberg, a three-judge bench of the court ruled on Wednesday in favor of petitions by crypto exchanges and startups that opposed the decision made by the Reserve Bank of India in April 2018, which banned domestic financial institutions from providing banking services to crypto exchanges.
The central bank’s decision at the time forced crypto exchanges in the country to either close, relocate to other jurisdictions or shift their business model to crypto-to-crypto and over-the-counter trading.
While crypto exchanges immediately filed petitions to the Supreme Court after the central bank’s decision in 2018, a clear decision had not been reached until Wednesday after several rounds of hearings. Some exchanges had been forced to close as trade plunged while the case was ongoing.
‘The uplifting of the ban by Supreme Court is going to open new opportunities for India in terms of investments, economy, and a market as a whole,’ said Sumit Gupta, founder and CEO of exchange aggregator CoinDCX. ‘As few of the surviving petitioners of the case, we are thankful to the Supreme Court for hearing our side of the story. We have always seen crypto as a potential to unlock India’s dream of becoming a $5 trillion economy.'”