As time progresses, the revolution of peer-to-peer digital currencies picks up speed. Now, countries like India and Iran, which previously had a harsh legal stance on cryptocurrencies, are warming up to the idea of adopting them. In India, for instance, the Supreme Court has struck down a blanket ban that was placed on banks dealing with crypto-related businesses back in April 2018. In Iran — while the country’s central bank had issued a blanket ban on cryptocurrencies in a misguided move to prevent capital flight due to fears of sanctions by the United States — the central bank is now …

A pending bill may still inhibit cryptocurrencies from flourishing in India, with India’s parliament yet to rule on the "Banning of Cryptocurrency and Regulation of Official Digital Currency Bill" from 2019, Business Insider reported on March 7. If passed, the bill will introduce unique regulatory frameworks for virtual currencies, utility tokens, and commodity-backed tokens — likely creating a complex exclusionary legislative apparatus for blockchain businesses to navigate. Supreme Court repeals Reserve Bank of India’s crypto ban On March 4, India’s crypto community rejoiced as India’s Supreme Court ruled that the Reserve Bank of India’s (RBI) ban was “disproportionate and unconstitutional. …

The Reserve Bank of India (RBI) is planning to file a petition against the recent landmark judgment made by the Supreme Court that nullified the controversial banking ban it imposed on companies transacting in cryptocurrencies. According to a report by The Economic Times on March 6, the RBI is worried that the court’s decision could lead to cryptocurrency trading and put the banking system at risk. Challenging the Supreme Court’s decision As Cointelegraph reported, on March 4 the Supreme Court nullified the RBI’s blanket ban on banks dealing with crypto businesses. The central bank had initially enforced the ban in …

In what is widely being considered a historic day for the crypto industry as a whole, the Supreme Court of India has passed a judgment nullifying the controversial banking ban imposed by the Reserve Bank of India on the country’s local digital currency market. The three-judge bench presiding over the matter — justices Rohinton Nariman, S. Ravindra Bhat and V. Ramasubramanian — stated in their joint verdict that the ban, which was issued as a precautionary measure by the RBI in order to “protect” the nation’s economy, had not been substantiated by any hard facts. It is worth recalling that …

The Supreme Court of India has struck down the Reserve Bank of India’s (RBI) controversial ban on banks’ dealings with crypto-related firms. The court’s bench of Justices Rohinton Nariman, S Ravindra Bhat, and V Ramasubramanian, delivered the judgment earlier today, March 4, litigation news site Live Law reported. Landmark ruling India’s central bank, RBI, had imposed a blanket ban on banks’ dealings with crypto businesses back in April 2018, which came into effect in July of that year. Following both public and industry-led petitions, a case combining challenges against the central bank was brought before the Supreme Court by the …

India has developed a somewhat paradoxical relationship with cryptocurrencies, blockchain and other emerging technologies. On one hand, the Indian government is a huge proponent of distributed ledger technology, with several government-led initiatives gaining ground across the country. On the other hand, the Reserve Bank of India issued a de facto ban on cryptocurrencies when it prohibited banks from conducting any transactions or dealings involving digital assets and related services in 2018. Related: Cryptocurrency Regulation: An Indian Perspective Grappling for legitimacy This measure came as a huge blow to the country’s crypto ecosystem, and since then, India’s crypto community has been …

Back in April 2018, the Reserve Bank of India decided to go ahead and issue a notice prohibiting all of India’s banking and financial institutions from offering their services to crypto exchanges, companies operating within the space, and individuals seeking to explore the nascent asset class. Following the ban, India’s crypto ecosystem was brought to its knees, with a majority of operational exchanges either folding up completely or relocating to other nations with more hospitable regulations. Additionally, the notice resulted in digital currencies being maligned across India’s investment landscape, with many casual enthusiasts starting to view the overall sector with …