India Court Lifts the Central Bank's "Cryptocurrency Ban”

India Court Lifts the Central Bank's "Cryptocurrency Ban”

India's Supreme Court lifts ban imposed by the central bank on cryptocurrencies in 2018 India's Supreme Court has lifted the central bank's ban on the use of digital coins. Cryptocurrency exchanges, start-ups and other organizations operating in the sector had taken the Central Bank of India's (RBI) decision in April 2018 to court. Under the central bank's decision, banks in India were prohibited from providing any services supporting digital coins. The decision of the upper court was supportive for crypto investors and businesses in Asia's third-largest economy. The RBI, which has increased its restrictions on private vehicles such as Bitcoin due to opening the door to money laundering and other illegal activities, is, on the other hand, exploring the issue of the creation of a state-backed digital currency. CoinRecoil.com co-founder Kunal Brachha said that the cryptocurrency exchange will approach some potential investors who have retreated due to the ban of the RBI, even though they were already willing.