The two-year legal battle to get virtual currencies reinstated in the India has ended as the ban placed on cryptocurrency by Indian Central Bank has been reversed by India’s top court. The central bank’s ban came after months of scrutiny of digital currencies by financial regulators as well as the government, which compared them to “Ponzi schemes” and threatened to impose harsh regulations. The RBI gave Indian banks three months to sever ties with all entities dealing in virtual currencies.
The country’s exchanges that dealt in currencies such as bitcoin, ripple and ethereum, forcing many of them to shut down operations was crippled by the inability of Indian banks to allow cryptocurrency operations.
Vishwanath, cofounder and CEO of Indian cryptocurrency exchange Unocoin claimed the court verdict was a win to the entire crypto community in India. Another prominent exchange, Zebpay on Twitter said that its servers went down hours after the verdict because there was over flooding in the logging process of the people. Zebpay said they would not relent in engaging the government to bring positive regulations.
