Today is the historical day for cryptocurrency community in India, The result of the ongoing case between Reserve Bank of India vs the Internet and Mobile Association of India has came out in favour of the Internet and Mobile Association of India.
CryptoKanoon broke the news few minutes back on their twitter handle.
“Supreme Court of India has struck off Reserve Bank of India’s (RBI) banking ban against #Crypto. The Court held that RBI Circular dated 6th April 2018 is unconstitutional.“
We wanted to thank you CryptoKanoon from whole Indian Crypto Community for providing us regular updates during this case.
It’s big day for crypto community in India, Now Indians can buy bitcoins and other cryptocurrencies soon using their Bank accounts on Regulated exchange.
Timeline of RBI vs the Internet and Mobile Association of India Case
5th April 2018
The Reserve Bank of India (RBI) has issued a statement today ordering all companies and businesses that are registered with them, to stop dealing with entities that deal with cryptocurrencies. The announcement comes with a warning that all dealings with the cryptocurrency market and entities that represent them must be terminated within a stipulated period of three months.
16th May 2018
In response to the circular that RBI issued at the beginning of April, two cases were registered. One in the Delhi High Court and the other in the Supreme Court of India. The complaint that the Delhi High Court heard with is co-signed by two cryptocurrency exchanges that go by the names of CoinRecoil and MoneyTrade Coin. The higher level complaint and lawsuit that is being heard by the Supreme Court is co-signed by four exchanges that call themselves; Coindelta, Koinex, Throughbit Exchange and CoinDCX. Both plaintiffs have complained against the RBI and the Centre.
21th January 2020
The Reserve Bank of India (RBI) has confirmed that cryptocurrency is not banned in India. During the latest supreme court hearing of the crypto case, the central bank’s reply to the Internet and Mobile Association of India was read out in detail. The RBI clarified that it only fenced in the entities it regulates, such as banks, from risks associated with trading cryptocurrencies.
4th March 2020
Supreme Court of India has struck off Reserve Bank of India’s (RBI) banking ban against #Crypto. The Court held that RBI Circular dated 6th April 2018 is unconstitutional.
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