Indian Supreme Court lifts ban on Cryptocurrency

The uncertainty about the prevalence in India with virtual currency ie cryptocurrency, which was launched with the slogan of giving freedom to the general public from physical currency, is currently over. The Supreme Court has lifted the ban on Indian banks and financial institutions for providing services related to the business of cryptocurrency.

The banking sector regulator was put in place by the Reserve Bank of India (RBI) and because of this, cryptocurrency-related services in India were on the verge of closure. But the Supreme Court has upheld petitions challenging the Reserve Bank of India (RBI) ban in an important judgment. Now the central government and the Reserve Bank of India will have to decide whether the dominant currency will work in the country. The Central Government is yet to propose to ban all types of external virtual currency. It should also be seen how the Reserve Bank of India approaches the regulation of the virtual currency in the country.

Cryptocurrency is a way of doing financial transactions, payments and investments through an Internet service that has no physical form. Also, the central banks and government regulations laws do not apply to them all over the world. Although it can be evaluated in any physical currency, including rupee, dollar, but the objective of those who start it is that in future, the whole world will be given freedom from physical currency. For this reason, in many countries of the world, very strict action is being taken against it and it is also considered to destroy the existing global financial structure. On the other hand, the number of people investing in it and taking its service is continuously increasing.

Many well-known giants companies accept this for payment. Companies running cryptocurrencies also have their own ATMs in many countries like the US, Switzerland. One of its features is that it is fully coded and the person in whose name it is opened or kept can handle it, that too only through the Internet.

In India too, it has been growing in circulation since 2011, and from 2013 onwards the Reserve Bank of India started raising concerns about it. In the year 2018, the Reserve Bank of India banned all banks and financial institutions in the country from providing cryptocurrency-related services.