India lifts banking ban on crypto exchanges

Wednesday 4 March 2020 14:32 CET | News

The Supreme Court of India has ruled against a decision imposed by the country’s central bank that banned domestic financial institutions from providing banking services to crypto exchanges.

According to a report from Bloomberg cited by CoinDesk, a three-judge bench of the court ruled in favour of petitions by crypto exchanges and startups that opposed the decision made by the Reserve Bank of India in April 2018.

At that time, the central bank’s decision forced crypto exchanges in the country to either relocate to other jurisdictions, shift the business model from fiat-to-crypto to crypto-to-crypto and over-the-counter trading.

While crypto exchanges immediately filed petitions to the Supreme Court after the central bank's decision in 2018, a clear decision has not been reached until now. Some exchange also chose to close the business while the case was ongoing.

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Keywords: Supreme Court of India, central bank, cryptocurrency, crypto exchanges, India
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: India
This article is part of category

Blockchain & Cryptocurrencies