Crypto trade has got a green signal in India from the Supreme Court yesterday. The crypto companies are expected to revive their investment plans and expand their business again in the country. Supreme Court has overturned the RBI notification that had put restrictions on the banking access for virtual currency trading. In India cryptocurrency was banned on April 2018. It had prohibited the banking channels to accept cryptocurrency transactions like Bitcoin.
Various companies closed their business or shifted overseas altogether in the last two years.
“When a regulator like RBI bans, the market closes down. Six months back, we pivoted from crypto to blockchain, as we had to sustain. No investor was ready to back us amid the uncertainty of regulations,” said Wilson Brig.
According to the investors, peer to peer (P2P) companies will notice the capital inflow, like other nations. The investors, crypto founders and industries told in the interview that this new Supreme Court verdict will open up new and more avenues to build a cryptocurrency ecosystem.
“From my perspective, hopefully the funding environment for startups gets better as funds no longer have to worry as much about regulatory clarity,” said Nitin Sharma, Incrypt Blockchain founder.
The industry body representing the cryptocurrency startups called the Internet and Mobile Association of India (IAMAI) had challenged the circular of RBI and arguing that it was a disproportionate response from the regulators. The Supreme Court bench comprising of the three judges named RF Nariman, Aniruddha Bose and V Ramasubramanian released the verdict in favour of IAMAI.
According to the 180-page judgement copy, “the petitioners are entitled to succeed and the impugned Circular dated 06-04-2018 is liable to be set aside on the ground of proportionality.”
Cryptocurrency Started in 2009
This virtual currency began on the Internet in the name of Bitcoin in January 2009. According to the report, around 2,116 cryptocurrencies such as Bitcoin, Rippled, Ethereum and Cardno are prevalent worldwide, with a market capitalization of $ 119.46 billion.
Banking without payment
With this virtual currency, a person can be paid in any corner of the world, the most important thing is that there is no need to make any bank a medium for this payment. It is based on peer to peer technology.
