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Supreme Court Ruling: Big Victory for Indian Crypto Community

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BREAKING: India's Supreme Court has struck down the Reserve Bank of India's (RBI) banking ban on cryptocurrencies. The court held that the RBI circular of April 6, 2018 was unconstitutional. India's Supreme Court finally concluded arguments against the RBI ban on Jan. 28 since it decided to hear the case for the first time. The court heard extensive arguments from Ashim Sood, lawyer for the Internet and Mobile Association of India (IAMAI), and Nakul Dewan, who represents several cryptocurrency exchanges. It also heard arguments in favor of the ban from RBI lawyer Shyam Divan.

The Reserve Bank of India (RBI) issued a circular in April 2018 prohibiting regulated financial institutions from providing services to cryptocurrency businesses. The ban went into effect three months later, and banks subsequently closed the accounts of cryptocurrency exchanges, forcing some of them to shut down, including Zebpay, Coindelta and Koinex.

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Cryptocurrency Regulatory Framework in India

The bill also provides for the RBI to issue a central bank digital currency. In December, RBI Governor Shaktikanta Das revealed that the RBI was already looking into this area. "As technology develops with adequate safeguards in place, I think the Reserve Bank will certainly look at this area seriously in due course," he said.

India’s finance minister, Nirmala Sitharaman, received a draft crypto bill from the IMC in February last year, but has yet to make a decision on it. The bill was originally scheduled to be introduced late last year.

The bill was expected to be introduced in parliament last winter but failed and the government has since remained silent on it. The crypto community believes the bill is flawed and has been campaigning for the government to reassess the IMC proposal. Meanwhile, both the RBI and the Indian government have repeatedly confirmed that cryptocurrencies are not banned in India.

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India's Booming Crypto Industry