Historic Ruling 4th March 2020: India’s Supreme Court Lifts RBI’s Ban on Banks from facilitating crypto transactions

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Historic Ruling 4th March 2020: India's Supreme Court Lifts RBI's Ban on Banks from facilitating crypto transactions
Historic Ruling 4th March 2020: India's Supreme Court Lifts RBI's Ban on Banks from facilitating crypto transactions

Supreme court quashes cryptocurrency ban on march 4th 2020

India’s cryptocurrency industry has come a long way since the Reserve Bank of India (RBI) banned banks from facilitating crypto transactions in April 2018. The ban had a devastating impact on the industry, causing many exchanges to shut down and leaving many cryptocurrency investors in the lurch. However, a group of unsung heroes fought tirelessly to lift the ban and restore the industry to its former glory.

The fight against the ban was led by the Internet and Mobile Association of India (IAMAI), a non-profit organization that represents India’s online and mobile businesses. IAMAI filed an application in the Supreme Court challenging the RBI’s decision, and the case was heard for 20 weeks, with the verdict finally delivered on 4 March 2020, when the RBI lifted the ban.

The victory was the result of the hard work of several individuals who stayed away from their homes during each week of the hearing and worked tirelessly to ensure that the industry’s arguments were heard. These persons include Advocate Jaideep Reddy of Nishith Desai Associates, Mr. Harish B V, one of the co-founders of Unocoin, Standing Counsel Ashim Sood and Danish who was covering the news in real-time.