Indian Supreme Court Overturns Cryptocurrency Ban

There’s finally some positive news from India. There has not been anything in the Indian media as of late that one could be excited or glad about. Amidst the protests, violence and unrest in India there’s some positives in the crypto space.

Back in April 2018, Reserve Bank of India had issued a circular that banned banking and financial sector from dealing with cryptocurrency. The supreme court has now overturned the RBI directive that restricted Indian banks from providing banking services to Indian cryptocurrency exchanges.

According to a report in Business Insider, in 2016–17, the cryptocurrency market in India was worth $12.9 billion.

As reported

The general thinking in the industry seems to be that the SC’s ruling is only the first step, and it can’t yet trust a government that has been publicly against allowing crypto exchanges and startups function effectively in India.

The community response has been great with exchanges adding bank transfers within hours of the announcement. More here

This certainly looks like a step in the right direction, however it remains to be seen what the actual impact it has on the Indian crypto ecosystem.