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How is India reacting after the Supreme Court’s Bitcoin verdict and RBI’s ban reversal?

,   and  Sudhanshu Sharma
2 min read
The Supreme Court of India has knocked off the Reserve Bank of India's (RBI) banking prohibition against bitcoin. A glorious
The Supreme Court of India has knocked off the Reserve Bank of India’s (RBI) banking prohibition against bitcoin. A glorious day for the Crypto Indian.

India’s Supreme Court ultimately ruled on the appeal against the bitcoin ban by India’s Reserve Bank on Wednesday. After almost two years since it initially decided to declare a verdict on the case. The court concluded that now the 6 April 2018 RBI circular was unconstitutional. (1)

Parliamentarian Dr. Subramanian Swamy said,

“Bitcoin is unavoidable.”

Both government and RBI have stated that cryptocurrencies are lawful in India, even bitcoin.

Crypto Exchange CEOs Share their Thoughts

  • Nischal Shetty, CEO of crypto exchange Wazirx (2)
  • – He pioneered the viral campaign #Indiawantscrypto and “#Indiawantscrypto is a success after 489 days.”
  • Kunal Barchha cofounded crypto exchange Coinrecoil (3) – the first corporation to confront the RBi ban in session. Although, they reversed their writ appeal in August the previous year due to financial burden.
  • Sathvik Vishwanath, CEO of crypto exchange Unocoin (4) – This represents a significant milestone not only in India but also worldwide, and helps to bring a balanced perspective to the blockchain-trading activity that was ambiguous throughout the wait.
  • Vikram Subburaj, CEO of Indian crypto exchange Giottus – This will reintroduce much consumer interest and let India become a forefather in cryptocurrency space.
  • Gaurav Dahake, CEO of crypto exchange Bitbns (5) – It is such a boost of confidence. It will undoubtedly help us reintroduce the heavy-volume investors who were worried about the tips involved in our P2P cryptographic protocol and were unable to make simple transactions.

This decision of the Supreme Court will be likely to put the duty for monitoring digital assets like bitcoin and crypto in the hands of the commodities and securities markets regulator, SEBI (Securities and Exchange Board of India).

Bright Side of Supreme Court Ban Reversal

  • SEBI is an alternative of India to the United States Securities and Exchange Commission together with Commodities Futures Trading Commission.
  • The crypto industry has no reason to think about a patchwork of state-by-state rules like we have to think about in the US.
  • The SEBI has prior knowledge in addressing market crash.

Even though RBI may not be able to restrict crypto to crypto transactions, the central bank remains the prudential governor of India’s banking and payment system. That implies that the RBI still has the authority to control and restrict banks from providing decree services to bitcoin and crypto business and might even choose to do so.

Many major crypto firms have withdrawn from India in the last three years – which was a pure loss of a chance for the country.

As per the now current situation, this would be the perfect time for those companies and other firms to re-engage and put India back into the list of their investments.

The future is bright for crypto, and it looks brighter because India is the most vital part of the picture.

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