Bitcoin and other crypto currencies can be traded in India from now on. This was decided by the Supreme Court on Wednesday.
The Supreme Court in India has lifted the Bitcoin ban of the local central bank. As the New Indian Express reported on March 4, the Central Bank of India’s strict policy on trading crypto-currencies was declared unconstitutional. This means that the Supreme Court is also taking action against the country’s Ministry of Finance. The Ministry of Finance had spoken out against the Bitcoin trade, as the magazine further reports. The Indian police had also repeatedly warned against dealing with crypto-currencies. They also warned of the potential for losses that could result from the volatility of an investment.
The change was initiated by the Internet Mobile Association of India. The industry organisation arranged for various hearings on the subject before the Supreme Court. On its side, the Internet Mobile Association of India found a number of Exchanges that had repeatedly made accusations against the government’s repressive attitude.
As early as November 2018, the Indian government had announced that it would create a framework for Bitcoin regulation. To this end, the Ministry of Finance had set up a kind of task force to deal with draft legislation.
Blockchain adaptation in India
In India, however, the technology that has made Bitcoin famous is also finding acceptance. According to the latest information, one in ten coffee farmers in India now uses blockchain technology to secure their own income. Here the technology offers the advantage that it allows middlemen to be bypassed. As a result, the black gold can be moved directly between farmers, exporters, roasters and traders, while the administration is handled by the decentralised technology. Intermediaries previously intervened to negotiate contracts and charge fees.