It is a piece of much-awaited news for cryptocurrency lovers in India. The Supreme Court on Wednesday lifted the curb on cryptocurrency trade in India. The recent reports state that the ban is lifted on trading virtual currencies such as Bitcoin, Ethereum and other cryptocurrencies.
As we know Bitcoin is most popular among the other cryptocurrencies with a market cap of $161 billion. Now this news is a very positive sign of the cryptocurrency traders who wants to trade their cryptocurrencies officially in India.
The Reserve Bank of India had virtually banned cryptocurrency trading in India as in a circular issued on April 6, 2018. In the past, RBI has given notice to the users, holders and traders of virtual currencies, including bitcoins, regarding various risks involved in dealing with such virtual currencies. Now the lift on the ban by Supreme Court of India is a big announcement for investors and traders.
The central bank defended in the Supreme Court in 2018 circular saying that it had always been consistent in its opposition to allowing any other payments systems and undermining the integrity of the banking system.
The Internet and Mobile Association of India had argued that cryptocurrency has so much of scope and it is not a good decision to ban such commodities and requesting ban by RBI does not have powers in the absence of the law.
A three-judge bench of justices Rohinton Nariman, Aniruddha Bose and V Ramasubramanian pronounced the allowance of cryptocurrencies in India and a detailed judgment expected in the evening.
Today the scenario has changed much for the betterment of the trade. Bitcoin being one of the finest variants for cryptocurrency trading has gained much more popular among the users and more and more portals are showing a keen interest in encouraging users to trade with Bitcoin. In this happy moment, you can trade the buying and selling of Bitcoins officially in India in these best