The country's Supreme court has allowed accountable organizations to provide banking services to companies associated with bitcoin and other digital money

In India, the Reserve Bank's (RBI) Directive banning accountable organizations from providing banking services to cryptocurrency companies was repealed. Because of this rule, many local exchanges and startups were forced to close or relocate to another country. Now the Supreme court has considered the appeal of representatives of the blockchain industry and agreed with their arguments, writes Bloomberg.

Last summer, the court criticized the Central Bank for imposing the ban. The regulator had to justify its decision to restrict the activities of companies associated with digital money. The rule has been in effect since April 2018.

Also in June 2019, a working group of the government of India proposed a complete ban on digital money. Possible sanctions for mining, storing, selling, transferring and issuing cryptocurrency include a fine of $3.6 million and a prison term of up to 10 years. The proposal is now being considered by the Supreme court.