Legal

Is Bitcoin Legal in India?

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Nuo

In March 2020, Bitcoin was declared completely legal in India. This is finally a big win for the Indian crypto enthusiasts and will be part of the Bitcoin country list. The question of whether Bitcoin is legal or illegal in India is now settled, and things take a positive turn in March 2020. The decision, which the entire crypto community has been waiting for, has finally prevailed and is a big win for the Indian crypto enthusiasts. India's Supreme Court made a landmark decision, and on March 4, 2020, the ban was lifted and restrictions on trading bitcoin in India lifted. A major win for the entire cryptocurrency community in India, which has benefited from the ongoing legal battle between the RBI and the Reserve Bank of India over the ban on cryptocurrencies. In a landmark decision, the Supreme Court ruled that the RBI's circular placement ban on cryptocurrencies is illegal and will be lifted in March 2020.

In 2018, the Reserve Bank of India (RBI) shocked the cryptocurrency world and helped drive up the price of cryptocurrencies by banning banks from working with crypto firms. The RBI promptly launched a review and succeeded, and India's Supreme Court overturned its ban in a detailed 180-page ruling that criticized the bank's decision to tighten up on money laundering and terrorist financing by forcing it to make it more difficult to prosecute. According to a circular issued by the Reserve Bank of India (RBI) in April, the central bank banned local banks from trading in bitcoin and cryptocurrencies.

Last month, India's Supreme Court gave the government four weeks to draft a regulatory framework for cryptocurrencies that would determine the legal landscape of the cryptocurrency market in India for the foreseeable future. This could be decided as early as next week, depending on the outcome of a hearing on 29 March, which is due to take place in four days. This article is based on an illogical ban on cryptocurrencies, but what does this mean for India's future? Digital currencies will be back in the Indian market as soon as we see the risks posed by cryptocurrencies.

The Supreme Court recently reversed the Reserve Bank of India's decision to prohibit financial institutions from facilitating transactions in digital cryptocurrencies. The ban, which came into force in April 2018, crippled India's cryptocurrency industry. Instead of allowing the trade in cryptocurrencies, however, it decided to impose a comprehensive ban on the use of digital currencies in the country's financial sector. The lifting of the ban should act as a long-term catalyst for the crypto-industry in the coming years. The crypto market has reacted positively to this important milestone, with the relative stability of the Bitcoin price increasing by more than 50% in just a few days since the ruling.

Source→ YourStory, IndiaToday.

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