The Supreme Court of India has annulled the central bank's cryptocurrency ban

Finally, today there is good news from India, as we have received reports that the Supreme Court has overturned the cryptocurrency trade ban.

According to local Economic Times news media, the Supreme Court of India overturned a restriction on the cryptocurrency trade. The official report stated that "SC rules reduce illegal cryptocurrency trading"

The Reserve Bank of India has been doing everything possible to prohibit any deal with cryptocurrencies by individuals and businesses. Its campaign began in April 2018 with circulars that instructed banks and companies not to deal with digital assets.

Regulated exchanges and service providers that were already working within the industry were told to leave the ecosystem in three months.

The Internet and Mobile Association of India had argued that the trade of digital assets in the absence of a law prohibiting them was a "legitimate" commercial activity under the Indian constitution.

The RBI defended its actions by taking the matter to the Supreme Court, which postponed for months while the case went on.

According to Bloomberg, a panel of three judges, headed by Judge Rohinton F. Nariman, agreed with the requests for cryptocurrency exchanges, new businesses and industry organizations. Many of the arguments claimed that the central bank was not empowered to ban cryptocurrencies and its board had not adequately studied the matter.

The report added that the Supreme Court is hearing another case about cryptocurrency regulations separately, and today's ruling weakens the case by strict rules. Last month, RBI's own plans for a digital rupee were reported.

The industry observer ‘Crypto Kanoon’ was one of the first to report the news on Twitter;

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

The world's largest cryptocurrency exchange, Binance, also quickly celebrated having recently bought the local WazirX cryptocurrency exchange.

"We hope to support our partners @wazirxindia and empower 3 billion people with the freedom of money."

#Breaking: The Supreme Court of India has struck off the Reserve Bank of India’s (RBI) banking ban against #Crypto!

We look forward to supporting our partners @wazirxindia and empowering 3 Billion people with the freedom of money.#IndiaWelcomesCrypto 🇮🇳 pic.twitter.com/iYtQ8FqTCV

– Binance (@binance) March 4, 2020

There was no immediate reaction to bitcoin prices at the time the news was heard, as it remained marginally on the day at around $ 8,800.

However, the failure is a big boost for the cryptocurrency industry in general, especially in India, where a massive population remains largely without bank access. There are now unlimited opportunities for blockchain startups that can operate freely and without the oppression of the central bank.