Wednesday, 4th March 2020 is a very special day for all crypto lovers. And the reason is India Lifts Ban On Cryptocurrency Today. After hearing the news, it seems that crypto is in progressive mode. The Supreme court abrogated the ban of Cryptocurrency. Which imposed by the Reserve Bank of India (RBI) 2018. As I told in my recent interview. Yes our country, India has adopted the cryptocurrency today.
Crypto Banning in India
A group of members of The Internet and Mobile Association of India (IAMAI) including members of cryptocurrency exchanges in India had approached the Supreme court in 2018. Their motto was to regulate entities regarding the non-dealing of cryptocurrencies in India. After 3 months of banning, banks disabled the transferring of fiat currency to Crypto Exchanges. Even the vice versa on RBI advisory. Hence, crypto trading in India becomes paralyzed. As a result, some of the prominent cryptocurrency exchanges were forced to shut down and close all the operations in India. Especially the exchanges are Unocoin, Coindelta, Koinex, Zebapay.
India’s Crypto regulatory Substructure
The crypto community from all over the world is waiting to watch the policies. That implemented in India from 2018. From last year February the government of India dragging draft bill. And that looks to ban cryptocurrencies except for state-issued ones. After going through all aspects of cryptocurrencies. Moreover, by taking the recommendation for crypto policy in India, the official “Ban of Cryptocurrency and Regulation of Official Digital Currency Bill 2019” was prepared by Interministerial Committee (IMC) India.
This bill has submitted to RBI to issue the central bank to release a digital currency. But so far, no proper decision has made on this. Even submitting the bill at parliament. The government kept quiet till the winter session. On the other side, the crypto community strongly believes that this is flawed and waiting for the government to re-evaluate. And consider the suggestions of IMC.
And the day came- India Lifts Ban On Cryptocurrency
Finally, it has been a historic day for Indian Crypto lovers all over the world. Needless to say, it’s a day to celebrate. And Especially cheers to the success of the fight over Ban on crypto. India won Crypto. Millions of Indians’ dream become true today. Desi. Airdrops wish you all, A real CryptoHoli to Indian Crypto lovers from all over the world.