You can be on Entrepreneur’s cover!

Relief For Cryptocurrency Stakeholders, Trading Now Legal In India A three-judge SC bench struck down RBI's ban on cryptocurrency saying that the ban was 'disproportionate'

By Shreya Ganguly

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

After a two year long fight, the Supreme Court (SC) has finally given its judgement on the statues of cryptocurrency in India. Providing relief to the stakeholders, SC on Wednesday (March 4) struck down the Reserve Bank of India imposed complete ban on cryptocurrency.

As the industry awaits for the written judgement, media reports revealed that a three-judge bench including Justice Rohinton Fali Nariman, Justice S Ravindra Bhat and Justice V Ramasubramanian stated the verdict saying that the ban was 'disproportionate'.

The Case

The Indian cryptocurrency market has been on shaky grounds due to unfavourable rules the central bank's plan on banning cryptocurrencies. In April 2018. the RBI had issued a circular which barred RBI-regulated entities from "providing any service in relation to virtual currencies, including those of transfer or receipt of money in accounts relating to the purchase or sale of virtual currencies".

Earlier while speaking at the 5th bi-monthly monetary policy conference, RBI reiterated its stance on banning privately-owned cryptocurrency in India. According to RBI governor Shaktikanta Das, issuing currency is a sovereign mandate and this should not be given to private companies. He also explained that amid challenges related to money-laundering, a private currency cannot override sovereign currency.

According to the circular, organizations which were engaged in crypto-related services were to stop their services within three months however the circular was however challenged in the apex court.

According to reports, The Internet and Mobile Association of India (IAMAI) which represents several crypto exchanges approached the court and argued that RBI's circular which removed cryptocurrency from banking channels would take away the ability of law enforcement agencies to regulate illegal activities in the market.

Cryptocurrency Players Welcome SC Verdict

Taking to Twitter, the industry stakeholders are voicing their support for the SC verdict. With #IndiaWantsCrypto trending across the micro-blogging platform, stakeholders said that the move will give rise to new innovations in the country.

The Supreme Court ruling will now allow millions to participate in cryptocurrency market which might open up several opportunities in the segment.

Shreya Ganguly

Former Features Writer

Business News

Side Hustles Are Soaring as Entrepreneurs Start Businesses Working Part- or Full-Time Elsewhere, According to a New Report

The younger the entrepreneur, the more likely they were to start a business as a side hustle.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Money & Finance

How to Make Money Online: 10 Proven Ways to Make Money Online

Need to know how to make money online as a side gig or new career? Check out this breakdown of the 10 top online money-making methods.

News and Trends

Pediatric behavioral Health Platform Butterfly Learnings Raises INR 32 Cr in Series A Led by Insitor Impact Asia Fund II and Enzia Ventures

The Mumbai-based platform aims to deploy the raised funds to scale its technology-enabled therapy programs to equip neuro-diverse children to integrate with society and manage their lives better.

Business News

CPI Report: Inflation Rose More Than Expected in March, Driven By Housing and Energy Costs

The average U.S. household is paying $227 more per month for goods compared to one year ago.

Side Hustle

This Insurance Agent Started a Side Hustle Inspired By Nostalgia for His Home State — Now It Earns Nearly $40,000 a Month

After moving to New York City, Danny Trejo started a business to stay in touch with his roots — literally.