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.
A big win for the Indian crypto industry, who have succeeded in challenging the April 2018 ban from the RBI pic.twitter.com/1o5APDAV2V
— Su Zhu (@zhusu) March 4, 2020
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.
Whatever happens to the crypto industry in 2020, this will be the biggest news this year. https://t.co/owhoOPojFx
— Joseph Young (@iamjosephyoung) March 4, 2020
This is a developing story. NewsBTC will update you with more information and sentiment as time goes on.
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