The Reserve Bank of India (RBI) had in April 2018 ordered financial institutions to break off all ties with individuals or businesses dealing in virtual currency such as Bitcoin within three months.

The ban led to plummeting trade volumes and exchanges shutting their businesses.

“RBI needs to show at least some semblance of any damage suffered by its regulated entities. But there is none,” the court said in a 180-page ruling.

Nischal Shetty, chief executive of the WazirX cryptocurrency exchange, welcomed the ruling saying investment had stopped “in the crypto and blockchain space in India”, but that would now change.

March 4th, 2020 will be marked in the Indian crypto sphere as because the Supreme Court lifted the curbs on exchanges in cryptocurrency imposed by the Reserve Bank of India. The judgment came after a series of hearings challenging RBI’s ban on financial firms or individuals in India from trading in cryptocurrencies.

However, the government has already drafted a bill that seeks to prohibit mining, holding, selling, trade, issuance, disposal or use of cryptocurrency in the country. Moreover, it is worth noting that,  there was no formal ban on cryptocurrencies under any law in existence in India, it had consistently been warning all those dealing with virtual currencies of the risks inherent in them. 

A three-judge bench of Justices Rohinton Nariman, Aniruddha Bose, and V Ramasubramanian delivered the judgment. Also, IAMAI (Internet and Mobile Association of India ) had argued that the cryptocurrency was more in the nature of the commodity than “currency” in the strict sense. Moreover,  RBI does not have powers to impose such a ban in the absence of a law in that regard prohibiting cryptocurrency. 

WazirX Token Prices Shoot Up

Naturally, the WazirX token has shot up in price, rising 45% over the past 24 hours holding 302 position. Currently, the token is trading at $0.108497 USD.  In terms of BTC and BNB, the token has raised up to 0.00001231 BTC (52.70%) and 0.00542983 BNB (51.13%). The market cap value of the token is currently holding $11,653,081 USD. However, it will be interesting to watch for how long the WRX bulls stay in the market. 

What do you think? Will the WRX token will see the moon? 

Links

Wazirx: https://wazirx.com/invite/hgekj4v3