Cryptocurrency curbs lifted in India | Yesterday, the Supreme Court of India struck down the Cryptocurrency RBI restrictions, which prohibited the use of Digital Currency for trade in India. Henceforth, the banks in India will be allowed to handle Virtual Currency transactions from traders & exchanges.
In April 2018, the Reserve Bank of India (RBI) gave three months time to all the financial institutions to terminate their ties with businesses & individuals dealing in Cryptocurrency such as Bitcoins.
The decision of the RBI goofed up the thriving industry of Cryptocurrencies in India. The trade volumes crashed & exchanges were compelled to shut down their business.
However, on Wednesday, the news of Cryptocurrency curbs lifted up by Supreme Court arrived with a wave of relief for Cryptocurrency network in India.
Hereafter, cryptocurrencies will be considered as a legal entity for carrying out legit transactions in the country.
Industry Experts from across the country have welcomed the much-anticipated decision of the Supreme Court. It is being seen as a positive sign for development of Cryptocurrencies in India.
Sudin Baraokar, Global IT & Innovation Adviser said that lifting of crypto curbs is a good move from the emerging development perspective. The network of developers will be able to come up with ground-breaking solutions for smart contract projects & blockchain tokenization.
He further added that Cryptocurrency curbs lifted in India has opened new doors for crypto development platforms.
Benson Samuel, the Director of Technology at Tokenyz Ventures said that a plethora of companies that had shut their business, citing RBI circular on cryptocurrency, are now coming back in the business. He is hoping that most of the companies will restart their business.
Myriad of Industry experts nation-wide stated Virtual Currency is the currency of future. It holds great power of innovation & trailblazing solutions.
However, one of the government panels has put forth the suggestion of banning private cryptocurrencies. The final decision on these recommendations is yet to be taken by the government.
While the decision of Cryptocurrency curbs lifted by Supreme Court has been marked as a significant milestone for the developers, the government has warned the public about the risk of using the crypto-currencies.