Topic: Supreme Court of India finally uplifts the ban on Cryptocurrencies in India (Read 365 times)

For those who are unaware please read this : https://timesofindia.indiatimes.com/business/india-business/a-long-road-ahead-for-bitcoin-exchanges/articleshow/74503190.cms

So, yes the ban has been lifted but there are some banks that are still waiting for the RBI to release notice for acceptance of bitcoin transactions through banks while some banks have already given green signal right away.

I believe now that a clear stance has been taken by the government there will be more and more legal exchanges and trading platforms but I doubt if there will be some special taxes or something on crypto transactions.

actually they had realized this years ago but still they put regulation in which i believe is illegal thats why People of india keeps appealing and now they got the justice they need.
India is one of the biggest country and has many crypto enthusiast so i think this will bring good effect in market sooner time,actually there is a small pump happen yesterday and hoping to have still and continues this whole march.

This is very exciting news. Finally the government of India has recognized that crypto and Blockchain tech is here to stay no matter what. By giving legitimacy to the space, you could expect a substantial growth of crypto within India. It's a win-win situation for both crypto (adoption) and the Indian government itself (taxation). With these news, I hope that other countries like Russia and China would follow in order to legitimize the entire Blockchain space. I believe that once all the countries of the world recognize crypto as a legal form of payment, serious investors and traders will "join in the fun". It's no secret that people in the mainstream world would not want to use something that's declared "illegal" by a government. At least, India joins the ever-growing list of countries with a friendly regulatory environment for the growth and adoption of the Blockchain industry. As long as the government is able to tax cryptocurrencies properly, it'll give the "green light" for crypto startups and companies to grow like never before.

Nonetheless, I hope that the recent decision of the Indian government would result in higher prices for Bitcoin and other cryptocurrencies on the market. Since Bitcoin is always "in the headlines", it'll be the one that will gain the most attention from people in the mainstream world. India is a pretty large country so getting people to use Bitcoin there will result in greater adoption for the cryptocurrency. With the government acknowledging Bitcoin's (and crypto's) legitimacy, I believe that the Blockchain industry will be heading to "infinity and beyond". Just my opinion

Many people around me underestimate bitcoin because of legality issues, I have explained as best I can that it is not a big problem because it is not as dangerous as they thought. In my country, trading cryptocurrency is legal, but it is not permitted as a means of payment. We must understand this law well so as not to lose the opportunity to earn money from cryptocurrency.
Two good news from India and Korea, these are all related to the legality of cryptocurrency. India and Korea have quite a strong influence on cryptocurrency, so this could add to a fundamental factor besides halving to become a big pump this time. India has advantages in large populations and strong technology. Strong market potential, and many strong developers who are able to compete come from there.

it was bound to happen because it was an illegal move by the reserve bank of India to put such an unfair restriction on their users accounts and their money. it is surprising that they could keep it up this long before the supreme court ruled against it.
i suppose the same thing is going to happen with any other bank in any other country which tries doing similar things since there has never been any such bans on bitcoin itself in any of these countries.

Actually it was a very bright idea that the india lift the ban in cryptocurrency and which this will probably give us an positive image for those country and governments that thinking cryptocurrency is bad for their country and for their economic growth as well as their economy they don't know the real purpose of the cryptocurrency is to help the citizen to be more familiarized on digital currency which makes them more productive on their everyday lives. Just like what you have been said i wish that the demand of people who are using the cryptocurrency become higher as time passes by.

Maybe its your English that you are unable to put your point through. Nobody in their right mind would call world's fifth largest economy as a "weak economy". Right now it is going through a general slowdown caused by stupid govt policies and a lot of identity politics. There is huge disparity and a lot needs to be done in terms of equitable development but slowly and surely, india is getting there.
Its one of the success stories of late 20th century. I don't know where you read that "India is a weak economy". Like i said, maybe the problem is with your english.

Just found this article while browsing the internet. I really don't know how much of it is true but according to the article
Germany has also declared bitcoin a legal status. It has made a clear announcement in the below article

https://decrypt.co/21148/germany-recognizes-bitcoin-as-a-legal-financial-instrument?utm_source=reddit&utm_medium=social&utm_campaign=sm

and as per the article they made a few points clear about cryptocurrencies in Germany

Finally, they realized that crypto shouldn't be banned in their country,

They made the right decision in here, for the next following days, we can expect the increasing numbers of the demand that will lead for every crypto to increase their prices. Hopefull, more positive updates will come so we can have a better status until the bull run comes.

Wow! Dayumn! I thought this wasn’t true and I decided to head straight to Wikipedia page on legality of Bitcoin in countries around the world, searched for India and it was marked as legal wow, the page shows that it was considered legal in this month of March. This is really a good news, because I have a lot of friends that are living in India and they have been talking about this and finally it has been declared as legal.

This is one of the best news on Bitcoin that I have seen today. I just came across a thread on this forum that was also referring to the status of Bitcoin in India and what are going to be the effect of it being declared legal. I know very sure that now it has been declared legal a lot of people will start buying and it will have positive impact in the price of Bitcoin.

The court reversed the clearly illegal decision of the Reserve Bank of India, which violates the right to freedom of business. However, do not forget that in India there are no laws that regulate the circulation of cryptocurrency in this country, and the commission created by the government recommended banning cryptocurrency and provide for 10 years in prison for its use. It is unlikely that such a ban will be, but India needs appropriate laws.

about 2 hours ago btc started started pumping hard. fits pretty good with their local time.
maybe the indian wallstreet/bankers is joining in on the market. i expect a bit change over the next few weeks as trading is now legal over there. combine it with btc halving and things could look very promising.

I remember Zebpay, India's top crypto exchange to be the first one standing against the circular in 2018, and now let at see this:


https://twitter.com/zebpay/status/1235158490055925760

So expect a big surge of trading coming from India in the next couple of days because of this good news.

I do believe something huge is coming not because India uplifts the ban but because India will significantly affect the price of bitcoin. It's been a 2 year battle between the Reserved Bank of India and the cryptocurrency, I think they already know what cryptocurrencies could bring and realized the worth of it. Thanks to members of IAMAI, businesses like them is surely an adopters, glad they fight for it.

Yeah, this came when the market need it to run with but, the fact still.remain that, India with such a huge numbers of citizens will be of a great benefit to the cryptocurrency world. Although, the market should have been seen with some good signs of upward movement but till now nothing of such. As you have rightly said, this may take time to slowly raise the market from were it is now. For those government that have rejected the technology before now, will fall back to accept the true power of the technology. Blockchain and Bitcoin cannot be separated  as much.

This is great news! I've always believed in India, believed that it won't maintain this harsh policy. I know there're many problems there, including those with the government, but it's not accidentally called the World's biggest democracy. Freedom and public opinion matter a lot in this country. It's hard for me to find accurate data (and there's a reason for that which lies in the nature of Bitcoin), but it seems that around 1 million people from India use Bitcoin (some say a few million, others say more than half a million), so it's quite a big change for a significant amount of people. Considering India's population, though, it's a really small amount of Bitcoin users, so I also hope this news will boost adoption in this region.

Congratulations to the Indian people, this is indeed a very deserving news and it was also announced at the right time, btc halving is very close and with such news this will give many Indians the opportunity to buy btc for the upcoming halving,
If many people from India started to buy btc it will some how reflect on price.

2 years is very long overdue of criticism about cryptocurrency. Not just Indian crypto enthusiasts has forced for their freedom with crypto but many more. I remember when China has been in this state. They ate what they chew last time for banning cryptocurrecy activity and now fully embracing it.

WazirX is probably gonna benefited from the news, knowing its been backed up by Binance. With news or none, I think this exchange is a gateway for legit trading to India and outside countries without much censorship.

Wow!!! That's a great news from a great country congratulations to their people I heard a lot of them are using Bitcoin here and now they are easy to take a long breath, now crypto adoption is increasing day by day and I hope the value of BTC too will slowly increase after this news came in. Also I guess Indian will celebrate crypto day today, Cheers

Good deal for India--it's a country many miles from where I live, and I can't say I've been following the news about this, so thanks to OP for starting up this thread.  I honestly didn't even know crypto was banned there and had assumed Indians had adopted bitcoin to a fairly large extent just based on how many members here are from there.

Luckily this hasn't been a worldwide problem, that of crypto being banned.  I would have thought that governments would think their fiat currencies would be threatened and that more legislation would be passed restricting bitcoin and other cryptos, but that really isn't the case so far.  Anyway, excellent news for India.