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India’s Supreme Court Just Made an Extremely Bullish Ruling For Bitcoin

Avatar Nick Chong 3 months ago

India’s Supreme Court just struck down a central bank directive that effectively banned Bitcoin and other cryptocurrencies in India, Bloomberg has reported just minutes ago as of the time of this article’s writing.

The price of BTC and other cryptocurrencies have been seemingly unaffected by this decision, with prices remaining effectively stagnant in the past 24 hours.

India’s Supreme Court (Effectively) Unbans Bitcoin & Crypto

Per excerpts of the Bloomberg article shared by Three Arrows Capital’s Su Zhu, judges today ruled that the Reserve Bank of India was wrong in banning banks from offering services to those that dabble in cryptocurrency.

Commenting on this decision, Joe McCann, a prominent cryptocurrency analyst and an AI/cloud specialist at Microsoft said in a message published to his Telegram channel:

“If true, India is nearly as big as China. That would open up a potentially large market for Bitcoin buyers…”

Indeed, prior to the restrictions placed on the cryptocurrency industry, India was a hotbed for innovation regarding this industry. Thus, a de-escalation of said restrictions by the regulators could revive Bitcoin investment and the level of technological developments for other projects.

NewsBTC’s very own Joseph Young said that this “will be the biggest news of the year,” likely referencing the abovementioned sentiment.

This is a developing story. NewsBTC will update you with more information and sentiment as time goes on. 

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Nick Chong

Since 2013, Nick has shown interest in Bitcoin and cryptocurrencies. He has since become involved in the industry as a full-time content creator, working for NewsBTC, Bitcoinist, LongHash, among other outlets. Aside from covering...

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