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India’s top court strikes down RBI banking ban on cryptocurrency – Source Reuters Tech News

MUMBAI (Reuters) – India’s Supreme Court on Wednesday allowed banks to handle cryptocurrency transactions from exchanges and traders, overturning a ban on such dealings by the central bank that had come as a major blow to the thriving industry.

A man walks past an electric board showing exchange rates of various cryptocurrencies including Bitcoin (top L) at a cryptocurrencies exchange in Seoul, South Korea December 13, 2017. REUTERS/Kim Hong-Ji

The Reserve Bank of India (RBI) had ordered financial institutions to break off all ties with individuals or businesses dealing in virtual currency such as Bitcoin within three months, in April 2018.

The ban led to plummeting trade volumes and exchanges shutting their businesses.

“Investments had stopped and start-ups were staying away from starting business in the crypto and blockchain space in India which will change now that the Supreme Court has said that the RBI circular was unconstitutional,” said Nischal Shetty, CEO of WazirX,…

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Source Reuters Tech News

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