India Supreme Court lifts ban on cryptocurrency dealings. The Reserve Bank of India (RBI), has confirmed that there is no longer any banking ban on crypto exchanges, companies, or traders. This comes after the supreme court’s decision to lift the RBI circular prohibiting banks from providing services to any customers dealing in cryptocurrencies. The ban lasted for almost two years.
Nonetheless, some banks are reportedly still refusing to open accounts for crypto exchanges, claiming that they are waiting for further instructions from the RBI regarding cryptocurrency. However, the central bank is not obligated to inform commercial banks of the supreme court’s ruling. The RBI also previously confirmed that cryptocurrencies, such as bitcoin, are legal in India.
While economists have predicted the worst recession ever for India, the crypto industry is booming despite the extended nationwide lockdown. Peer-to-peer (P2P) marketplaces for bitcoin are growing in India, new crypto exchanges are launching and new investments are flowing in.