Reserve Bank of India (RBI) in 2018 banned cryptocurrency trading (such as Bitcoin trading) in India and the case was running from ever since. But, Supreme Court on Wednesday (4th March 2020) allowed trading/dealing in cryptocurrency, smashing an earlier ban that was imposed by the Reserve Bank of India (RBI). The case was registered by a plea from the Internet and Mobile Association of India (IMAI) objecting to the ban by the RBI. IMAI said “It is not strictly currency and was more in the nature of commodity, and the RBI does not have powers to impose such ban in the absence of a law in that regard prohibiting cryptocurrency.” Cryptocurrency is more of a digital means of payment which uses encryption techniques to regulate the generation of units of currency which verifies the transfer of funds, operating independently of a central bank.
People are overjoyed with the historic decision of Supreme Court and the development came almost two years after trading in virtual currency was banned by RBI. Here is now netizen came up with their response on this judgement.
Bitcoin is largest and most popular among cryptocurrencies and touched the $10,000 mark against the US dollar since October. Though some countries have accepted it legally such as Japan but some have termed it illegal such as Bangladesh, Nepal, Ecuador and others.
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