According to a report by CNBC India, The Reserve Bank of India (RBI) has authorized cryptocurrencies. The news comes after an elongated tussle between the cryptocurrency entities and other stakeholders in the country and the central bank. In fact, the case has been taken to the Supreme Court but still awaiting a ruling.

The report indicated that the government is working to ensure that rules and regulations are put in place to oversee the working of virtual currencies in the region. This is a huge relief to companies and other crypto entities in India.

The crypto community in India is also going to benefit massively from the new development. We expect that with this the ban that removed banking support for crypto exchanges will be lifted.

More to follow