A news crypto community can celebrate...Supreme Court of India has lifted the ban on Cryptocurrency trading in India.

This opens doors to second most populated nation in the world to enter into crypto.  Many exchanges had shut down since the ban in April 2018 by the Reserve Bank of India (RBI).  This decision by the Supreme Court is bound to create a massive inflow of exchanges and new projects in India.

"The Supreme Court on Wednesday allowed dealing in cryptocurrency, quashing an earlier ban imposed by the Reserve Bank of India (RBI) on trading in virtual currencies such as Bitcoin. The development came as a major relief for the sector, as the RBI ban restricted lenders from facilitating banking transactions for cryptocurrency exchanges and traders. The top court's order followed a plea by the Internet and Mobile Association of India (IMAI) objecting to the RBI ban. The industry body - whose members carried out cryptocurrency transactions among each other - had claimed the move effectively banned legitimate business activity via virtual currencies," NDTV reported.

RBI had tightened the regulations around virtual currencies in 2018 which made it impossible for banks to allow accounts that dealt in cryptocurrencies.

This latest move comes as a relief to the many innovators in the blockchain space in India. 

Many projects had to shut down because of inability to procure banking services and negative sentiment created by the RBI.  Sumit Gupta, CEO of CoinDCX, had written an open letter to the Government of India asking them to make right of the decision.  

We applaud the decision by the Supreme Court of India and expect a plethora of good things in crypto space in India because of this decision.