The Indian Supreme Court has just overturned a central bank directive that effectively banned Bitcoin and other cryptocurrencies in India, Bloomberg reported. The price of BTC does not seem to benefit from this decision at first, as the price has practically stagnated in the past 24 hours.
Regulated exchanges and service providers that were already active in the crypto industry were asked by the central bank to leave the ecosystem within three months. The RBI (Central Bank of India) defended its actions by bringing the matter to the Supreme Court, which delayed the case for months.
India’s Supreme Court decides in favor of Bitcoin
In excerpts from the Bloomberg article shared by Three Arrows Capital’s Su Zhu, the judges ruled that the Reserve Bank of India was wrong in banning banks from offering services to cryptocurrency-trying people.
Many of the arguments now state that the central bank is not authorized to ban crypto assets and that its policy has not investigated the matter sufficiently. Joe McCann, a prominent crypto analyst and AI / cloud specialist at Microsoft, commented on this decision:
“If that’s true, India is almost as big as China. That would open up a potentially large market for Bitcoin buyers … ”