The Supreme court of India has overturned a Directive from the country’s Central Bank (RBI) that banned the use of bitcoin and other cryptocurrencies in India.
A three-judge jury led by judge Rohinton F. Nariman agreed to a petition filed by cryptocurrency exchanges asking them to reverse the RBI’s decision. A Directive issued by the RBI in April last year prohibited banks and other financial institutions from providing services to cryptocurrency companies.
The Supreme court’s decision should spur the development of the cryptocurrency industry in India, which has stagnated for a year. In addition, the court is also considering another case concerning the introduction of digital asset regulation in India.
“If all this is true… India is almost as big as China. This will open up a huge market for bitcoin trading, ” said Joe McCann, a cryptocurrency analyst and specialist in cloud solutions and artificial intelligence at Microsoft.
Note that in the summer of last year, there were rumors about the development of a bill in India that would completely prohibit the turnover and ownership of cryptocurrencies, except for the digital rupee.