Great News for Indian Cryptocurrency community | Supreme Court Legalizes Bitcoin

03 Apr 2021

In good news for the Indian cryptocurrency community, the Supreme Court has overturned the Reserve Bank of India’s (RBI) banking ban on Bitcoin and other cryptocurrencies. The Supreme court ruled that the RBI circular on April 6, 2018, is illegal and is winding up to be withdrawn by the RBI. Since then, the RBI has issued a directive that all entities regulated by it should discontinue any activity relating to virtual currencies, including Bitcoin.

Bitcoin is by far the most popular cryptocurrency in the world and is currently worth $8,821 with a market cap of 161$ Billion. India’s crypto community has been battling the state’s ban on cryptocurrencies for nearly two years now, but there have still been some startups that have managed to survive. One such startup is WazirX, which was acquired by Binance in late 2019.

The Indian cryptocurrency startups that had to shut down when they couldn’t figure out the country’s cryptocurrency rules have a chance of opening up again”, founder of WazirX said, this declaration by the WazirX founder is really a good sign.

Binance Platform says welcome!

CEO of WazirX, Nischal Shetty, wants to work with regulators, so the framework created is better and also improve the presentation of their cryptocurrency bill. Binance is welcoming Indian users to the cryptocurrency community with open arms after receiving this announcement. The central government is legalizing cryptocurrencies in India.

Legalizing Cryptocurrencies in India

The central government is one of the respondents in the case against India’s RBI. In 2019, It had submitted a copy of what it claims to be its draft banning of Cryptocurrency and Regulation of official digital currency bill. The government, in an affidavit, also told the court it would soon introduce the bill in Parliament. Surprisingly, the government didn’t introduce it at winter sessions of Parliament as well. Despite Nirmala Sitharaman’s, Financial Minister, support of the draft bill, it was also clear that the government was rethinking their stance on it. And Cryptocurrency’s trading is finally legalized in India one year after.

Worldwide News

Swimming Robot Used to Study Central and Peripheral Nervous Systems

EPFL scientists have created a swimming robot that could shed light on why some vertebrates still have locomotive abilities after spinal cord lesions. The study published by these scientists wil...

Google Parent Firm, Alphabets Dives Deeper into Robotics Software

Google's parent company, Alphabet, has announced that it will be launching a new moonshot project that will be used to create software that will be used for robotics. The software can be impleme...

Sources Reveal Bank of America Has Launched Bitcoin Futures Trading

Bank of America, one of the largest banks in the United States, has reportedly approved Bitcoin futures trading for specific clients. A report by Coindesk stated that two individuals who were we...

Baby Doge Gains Over 90% After Elon Musk’s Tweet

Elon Musk has been an agile supporter of meme coins, especially Dogecoin. However, it currently seems like the Tesla CEO is now cheering for a newly launched cryptocurrency, Baby Doge Coin....