Cryptocurrency players welcome SC lifting trading ban

Cryptocurrency players welcome SC lifting trading ban

The Supreme Court on Wednesday allowed banks and financial institutions to provide services related to cryptocurrencies.

AgenciesUpdated: Thursday, March 05, 2020, 07:30 AM IST
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Cryptocurrency | Photo Credit: Pixabay

Mumbai: Cryptocurrency players on Wednesday welcomed the Supreme Court's order lifting two-year old ban on trading in virtual currencies by the Reserve Bank of India, saying the move will encourage them to expand their offerings in the country.

The Supreme Court on Wednesday allowed banks and financial institutions to provide services related to cryptocurrencies.

Concerned over the risk associated in dealing with virtual currencies, such as Bitcoins, RBI in its April 2018 circular, prohibited trading in such digital currencies.

Pundi X chief executive officer Zac Cheah said the lifting of the ban on crypto only reinforces the fact that crypto and blockchain are the technologies of the future.

"It brings in cheer for crypto / blockchain companies such as Pundi X who have done some remarkable work in this space and encourages us to expand our expert offerings to potential geographies such as India," Cheah said in a statement.

Bitbns CEO Gaurav Dahake said the verdict would give rise to a greater ecosystem in a country where innovation has always had a place, and rope in new investors, better support for blockchain-based projects, and will create more jobs.

"It's such a morale boost and will definitely help us bring back the high-volume traders who were concerned about the tips involved in our P2P transaction system, and have been unable to transact small amounts. We are happy that they finally have a resolution," Dahake said.

Raghu Mohan, CEO and Co-Founder, IBC Media, a marketing solutions company that works with blockchain companies, said it is a step forward to empower entrepreneurs who build innovative business models to solve multiple grassroots problems in the country using crypto.

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