The highest court in India today finally overturned the ban on bitcoin and cryptocurrencies that the countries central bank (RBI) initiated almost two years ago. The Supreme court of India passed the ruling on Wednesday after a long battle where the RBI continuously sighted concerns of consumer protection, money laundering and market integrity as major arguments against legalisation.
Just to be fair, the Central bank didn’t act alone in the original ban. Hate and FUD of digital currencies came from financial regulators and well as the Indian finance minister who continuously pulled out the false Ponzi scheme Meme and threatened to impose draconian regulations.
In January 2018 Indian banks swiftly suspended bank accounts of the top Indian bitcoin exchanges like Unocoin, Coinsecure and Zebpay. This is because the RBI gave Indian banks three months to sever ties with all entities dealing in virtual currencies. Strangely the banks sighted suspicious transactions for the closures rather than admitting to being strong-armed by regulators. This further impacted bitcoin’s reputation as the talking heads in mainstream media repeated the Fake news.
Through the inability for Indian exchanges to use Indian banking infrastructure as an on and off-ramp for clients crippled the industry which saw a massive brain drain out of the country as a result.
According to estimates by crypto entrepreneur Sathvik Vishwanath, before the ban, India only really accounted for around 3% of the global cryptocurrency trading volume but the community was strong, passionate and very well educated.
Internet and Mobile Association of India has spent a lot of time challenging the ban in court wich ultimately agreed with them that there was no quantifiable damage to Indian banks regulated by the RBI. The court ruled that a complete cryptocurrency trading ban was not “proportionate”.
The global Crypto community celebrated the verdict. “The win belongs to the entire crypto community in India,” Vishwanath blogged. Zebpay, another prominent exchange, tweeted that its servers went down hours after the verdict because the number of people logging on “exceeded our biggest estimates.”
So from all of us here at Vaultoro where people from all over the world trade bitcoin with physical gold, we say welcome to our Indian brothers and sisters. Let us unite in the celebration that is global freedom of transactions where rare numbers and rare metals work together against the insane policies of central banks globally.
For those that are interested here is the verdict