Yesterday, the Supreme Court of India announced the lifting of the de facto ban on cryptocurrencies in the country.

Since 2018, citizens of the world’s third largest economy have been prohibited from buying, selling or trading cryptocurrencies such as Bitcoin.

Supreme Court: Bitcoin Ban Was ‘Illegal’

On March 3, the country’s Supreme Court moved to overturn a central bank directive banning cryptocurrency trading in India.

Initially, the bank warned users that investments in digital assets such as Bitcoin and Ethereum carry a lot of risk.

The Reserve Bank of India also argued that cryptocurrencies undermine the “soundness of the banking system.”

He also pointed out that crypto could be used for money laundering and other illegal activities.

Read:The Central Bank of Korea tests its digital currency CBDC on “Samsung Galaxy” phones

All of these decisions made the country’s major cryptocurrency exchanges including WazirX, Koinex, BitBns, and Zebpay either leave the country or switch to P2P auto-ordering.

While other smaller entities closed their operations due to lack of material resources to continue.

The 2018 Indian central bank decision also gave credence to a government that has historically been strict with the crypto industry.

After the Supreme Court of India announced the lifting of the ban on cryptocurrency trading, representatives of crypto exchanges and the Internet and Mobile Association of India came to the court to claim that the ban was unconstitutional.

Since there is no formal law, trading cryptocurrencies or providing crypto services “was a legitimate business.”

The joy and celebration of crypto trading companies

ZebPay Marketing Director to source as follows:

We have 3 million members in India who stuck with us during the ban.

During this winter the enthusiasm for crypto in India has grown exponentially.

We are delighted to finally be able to offer a new range of services to them, and we are confident that millions of others will turn out.

Read:Gemini Offers Crypto Rewards Credit Card in the USA

“Crypto won in India”

The above statement was a tweet by “Nischal Shetty” CEO of WazirX.

The CEO of WazirX has been at the forefront of the battle to lift the ban on cryptocurrencies in the country.

Binance will also benefit from this shift, having recently acquired the WazirX platform.

Binance acquires one of the most popular cryptocurrency exchanges in India

Shetty told the same source:

With over a billion people, the Indian market is a sleeping giant.

I am sure that this.

The ruling will have a positive impact on the global crypto ecosystem.

Via an online campaign called “IndiaWantsCrypto”

Shetty has called on policy makers to adjust their stance on cryptocurrencies for more than 489 days.

Read:After raising $ 3 million in 2018, the Crypto project closes its doors because the idea of ​​the project is not feasible

And he said:

Glad that the campaign achieved great success in this positive ruling of the Supreme Court.

While Shalini, one of the outspoken defenders of the Indian crypto space, stated:

With this historic ruling, India opened its doors to foreign investment, to global exchanges that were waiting on the sidelines to enter India, and to millions of investors who wanted easy and secure access to cryptocurrencies.

The main concern of the campaign was to ensure that India could participate in the emergence of blockchain technologies.

After today’s ruling it now appears that this will be possible again.

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