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Supreme Court of India Removes RBI Order, SC allows the trade of cryptocurrency

by cryptocreed
written by cryptocreed

On the 4th of March 2020, the Supreme Court of India removes the Ban from Bitcoin and Cryptocurrency. The indirect ban was imposed by RBI (Reserve Bank of India) on the crypto community, April 2018. Here we call indirect Ban because RBI told Banks to discontinue the relationship with the customers who trade the Bitcoin or any other cryptocurrencies.

The Indian Crypto community went to the Supreme Court and after almost 2 years they got success. Indian Crypto community tried all their best to get Ban removed from Bitcoin.

The Director of Technology at Tekenyz Ventures, Benson Samuel, said, “It’s a very positive sign that has come through, something that we have been waiting for and expecting for two years now. Most of the infrastructure and bits and pieces towards the cryptocurrency was already built out over the last few years,”

Now onwards every Indian can buy, sell and trade Bitcoin without any restrictions.

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NEWS

Bitcoin Can’t Kill The Indian Rupee, Says RBI Dy Guv

by cryptocreed
written by cryptocreed

As increasing bitcoiners from all over the world and in India. And Indian Bitcoin community achieved a response from the country’s central bank(RBI). The Reserve Bank of India was started exploring cryptocurrency technology has responded like any other bank when it comes to bitcoin usage.

The R Gandhi deputy governor of the RBI says

The emergence of bitcoins has led to some quarter predicting the end of the currency system itself.In my mind,it may remaion a pipe dream that blockchain will eliminate currency.

He was speaking at the technology summit organized by the Indian Banks Association(ABI). And he also mentioned, the two characteristics of currency that are necessary for widespread adoption, and Currency should make confident the users. Cryptocurrency shouldn’t be anonymous forever.

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Also Read: Know Everything About Fake Bitcoin Wallet Balance

R Gandhi also mentioned that most of the countries are currently in the process of printing more currency, with Nordic economics as an exception. In his view, the virtual currencies can’t mass used as it is not backed by any underlying assets and the financial, legal, security, and protection of consumers.

Unless R Gandhi’s statement misses some main points. The confidence in money, especially the Indian Rupee hasn’t stayed the same since last year’s demonetization move. And after all cash transactions are more anonymous than bitcoin transactions as blockchain maintains a record of every transaction happening over the network. Also, Bitcoin transactions can track easily by the user but in case it is hard to track.

Bitcoin adoption has few holes in it. Even though he is right about challenges currently being faced by the digital currency when it comes to widespread adoption, it doesn’t make fiat a perfect currency.
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