Bitcoin Forum

THIS IS BIG

The twitter handle of @cryptokanoon has informed that the Supreme Court of India has struck off the ban imposed by Reserve Bank of India as unconstitutional.

RBI had instructed all public and private sector banks to stop providing services to any business entity related to crypto, creating an ambiguous atmosphere of fear. A lot of exchanges,trading marketplaces, mining activity and enthusiastic entrepreneurs were nipped in the bud by this. Today after a long battle, information is coming in that the ban has been struck off as unconstitutional. The detailed judgement and commnets awaited:

Supreme Court of India strikes off crypto ban (https://twitter.com/cryptokanoon/status/1235071440942059521?s=20)

It is the Historic Day for Crypto currency enthusiast in india . today i am much happy . We as a crypto currency community in india were explaining about legality of crypto currency to others . Every one outside crypto space in india was thinking Crypto currency is illegal now we have solid proof to show Crypto is legal and its having future in india . Good days to come indian crypto investors and Believers.

History in the making.
India will now become the only south East Asia country where cryptocurrency is legal. This is an iconic judgement according to me. Earlier Indian banks were threatening users who were doing cryptocurrency transaction by sending them account closure letter. Now it will be easy for users and  exchanges to function normally.

We cannot say that the market has been badly affected since the first banning started in India. Of course, due to the large population, a huge potential is India. But how far can you prevent something that is really decentralized? This was only temporary ...

the judgement is iconic sure and if you go through the actual judgement here (https://bitcointalk.org/index.php?topic=5230317.0), its also pretty enlightening and entertaining. I loved the line "Bitcoin is the Adam/ Manu of cryptocurrencies"..Some literary sense from Mr. Nariman and the group.

Yet, it does not accord any legality status and has only impunged the circular from RBI which banned banks from dealing with Exchanges and such. It has left open the "legality" of the matter for the lawmakers/ Ministry of Finance to decide and has refrained from commenting on any of the other aspects, though very studiously giving its view on everything from the definition of money, store of value to the views and status of all the organizations and countries on crypto.

If you take the time to read it its a kindda short intro to all that has happened in crypto.

This is indeed big news! Thanks for the update because I couldn't follow CryptoKanoon Twitter channel due to some office responsibilities so this is this first time I am reading here! Thanks for setting my mood to positive note after a really stressful office day!

Let's look at the detailed judgement that will come out in few days! This is just the beginning and we now need to fight off the Finance Ministry as they might try to come up with an unfavourable guidelines.

The detailed judgement was uploaded just minutes after the twitter announcement. I hadn't hoped the Supreme Court to be so tech savvy. Yet, if you read the judgement and the way they have summarized every regulatory action with respect to cryptocurrencies, you will kindda proud of the judges.
Its easy enough to find the link so i'll redirect you to my post where i mentioned some of the interesting bits from the judgement. (Hope i save you more time from the office)
Do take a look at this: Supreme Court Judge calls Bitcoin the Adam/ Manu of Cryptocurrencies (https://bitcointalk.org/index.php?topic=5230317.0)

Make sure you read from Pages 28 to 32, its fun and interesting. The judges surely fancied Ashim Sood's style. I am hoping we can make the lawyers a bit of mini celebrities at the India sub and amongst indian bitcoin lovers.

It’s not only on Twitter, even Wikipedia just updated their page and showed that Bitcoin is now legal in India starting from this month of March. There are lots of news concerning this. This is very good because I know for sure that Bitcoin has lots of supporters in India and it shouldn’t be declared illegal there. Finally it’s over and it has been marked legal. This might even lead to a rise in the price as time goes on.

This year is starting to look good already; Bitcoin Halving is approaching and Bitcoin has been declared legal in India, and apart from that there are other good news as well. Even the finance minister of Nepal where cryptocurrency has been said to be illegal has come out to say that he sees cryptocurrency as the currency of the future. There are lots of good news. The next bull run that might take place after the Halving will even break the record in a big way.

Last year, a special commission on the study of cryptocurrency, created by the Government of India, recommended that the circulation of cryptocurrencies in the country be completely prohibited, and for those who violate this ban, provide a ten-year prison term. Lawmakers in India have not yet considered the issue of legalizing cryptocurrencies, but I do not think that such a ban is already possible. After all, the situation with cryptocurrency and the attitude of world states towards it are changing and changing for the better.

This is a good move from the Supreme court. It's freedom for the people over a centralized fraudulent economic model that is designed to subvert the financial freedom of the people. You can't suppress the truth for too long.

I am amazed by the sheer will they've had to defend Bitcoin towards their country. No matter how small or big the step was though, it's still a step towards the possible adoption of Bitcoin towards different parts of the country. Just that, it may take a while for BTC to completely remove the negative notion about how or what crypto is. It's rather difficult, yes, but I believe that us, the supporting side has a much higher chances of winning than the side that wants to ban it. Why? Well, we've only been up for 10 years, we still have plenty of room to improve, and plenty of companies to join the parade.

Is this the first precedent of Bitcoin ban being lifted, or were there already cases like that? Maybe India will go down in history as the first country to unban Bitcoin, which is quite remarkable, because it shows how the people can take back their rights from authoritarian assholes who like to ban things.

India never banned Bitcoin -- it was always legal to use and trade it. What happened was their central bank banned regulated entities (banks) from dealing with cryptocurrency businesses like exchanges in April 2018. That effectively killed the centralized exchange infrastructure. It made it impossible for people to deposit INR with a bank account to buy cryptocurrency.

The ban being struck down is a major victory, but it's still frustrating that the central bank held back the industry for two years. And they are still fighting this Supreme Court decision too (https://www.theblockcrypto.com/post/57987/indias-central-bank-plans-to-file-a-review-petition-on-supreme-courts-crypto-ruling-report).