The Supreme Court of India on March 4th rejected the order by the Reserve Bank of India (RBI) that had banned the banks from trading in Cryptocurrency in 2018. The Supreme Court called RBI’s move “unconstitutional” and has lifted the ban. The judgement could open up the ways for companies like Ripple to enter into the Indian Markets.

Cryptocurency is an Internet-based medium of exchange which uses cryptographical functions to conduct financial transactions.

After the ban on 2018, Internet and Mobile Association of India (IAMAI) has been challenging the RBI and had also filed a case against RBI’s move. IAMAI stated that crypto isn’t a ‘currency’, it’s an instrument and must be treated like “casino chips”. The ban had affected so many cryptocurrency business in India.

According to Asim Sood who defended IAMAI, even though RBI has the big power to regulate monetary policy it doesn’t authorize it to ban cryptocurrency as per a Crypto kanoon report.

Cryptocurency can be at risk of getting hacked. Last year, the Japanese Exchange BITpoint was hacked for $30 million and another exchange, Binance had lost $40 million. Money laundering and terror financing can also be practiced. So to avoid such kinds of activities new regulations could be introduced in the system.

Cryptocurrency is the future of India as they are already having an impact in the world of mainstream finance in the present.

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