The three-judge bench said RBI’s ban was ‘disproportionate.’ Top crypto services in India such as Zebpay and WazirX hailed the decision on Twitter.
— zebpay (@zebpay) March 4, 2020
Crypto has won! #IndiaWantsCrypto https://t.co/6bgq1c7UC8 — WazirX (@WazirXIndia) March 4, 2020 Sumit Gupta, co-founder and CEO of CoinDCX, said today’s verdict is going to open up new investment opportunities for India: As we noted in our story in 2018, RBI didn’t do enough research on the topic and proceeded with the ban. Earlier this year, the central bank justified the ban by saying it took the step to “uphold the integrity of the banking system.” Last year, a government panel even considered a 10-year prison sentence for holding ‘non-sovereign’ cryptocurrencies. Last July, NASSCOM (The National Association of Software and Services Companies), a trade association related to technology, said banning cryptocurrency is not a solution. After RBI’s ban, platforms such as Zebpay had to stop deposit and withdrawal in Indian Rupees. Now, hopefully, these exchanges will be able to resume their business.
