The Supreme Court of India has finally announced its decision in the ongoing case against the banking ban by the RBI on crypto in the country. The Supreme Court has ruled the Reserve Bank of India’s decision to ban crypto as unconstitutional.

Breaking:

Supreme Court of India has struck off Reserve Bank of India's (RBI) banking ban against #Crypto. The Court held that RBI Circular dated 6th April 2018 is unconstitutional. — Crypto Kanoon (@cryptokanoon) March 4, 2020

It concluded its hearing on the case on Jan 28, after more than a year since the first day it started. There was an extensive hearing on the argument from Ashim Sood, the counsel for the Internet and Mobile Association of India, followed by Nakul Dewan, the counsel representing the crypto exchanges. The argument from Shyam Divan, counsel for the central bank, was also heard.

The RBI issued a circular on April 6, 2018, which denied all crypto exchanges and other related startups to use banking services. In the RBI’s defense, it had said that the ban was to protect money laundering and illegal activities due to the unregulated transfer of crypto around the world.

Although the Supreme Court has ruled in favor of crypto, the Indian government has not been positive on decentralized cryptocurrencies. The government is planning to introduce a bill that might make bitcoin use in the county illegal.

The crypto twitter community is triumphing over the court ruling today. CEO and Founder of WazirX, Nischal Shetty tweeted that today is a historic day for the Crypto community in India.

Historic day for Crypto in India. We can now innovate. The entire country can participate in the Blockchain revolution



Your money is your money.#IndiaWantsCrypto — Nischal (WazirX) ⚡️ (@NischalShetty) March 4, 2020

He said the community can now innovate and the country as a whole can also participate in the blockchain revolution.

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