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Cryptocurrency in India is all set to become legal as the Supreme Court has overturned a ban that was imposed by the Reserve Bank of India in April 2018. RBI had in 2018 given banks and other entities it regulated three months to suspend all banking relationships with individuals or organizations that dealt with Cryptocurrency.
However, the latest move by Supreme Court is being lauded by individuals and organizations alike. “We welcome the Supreme Court's decision to lift RBI's ban on trading in Cryptocurrency. We believe that banning tech is not the solution, a risk based framework must be developed to regulate and monitor Cryptocurrencies and tokens,” tweeted NASSCOM.
“Finally sense prevailed. The Banking ban on Cryptocurrency has been struck down by the Supreme Court of India. Many congratulations everyone!” tweets Hardik Mehta.
Popular Cryptocurrencies in Circulation
Cryptocurrency, as opposed to central banking systems, uses decentralized control. All confirmed peer-to-peer transactions of the cryptocurrencies are stored in a public ledger called Blockchain, which is a system that keeps an overview of cryptocurrency units and their ownership.
Some popular Cryptocurrencies in circulation are Bitcoin, Ethereum, LiteCoin, Ripple, Dash, Monero and so on. The move to uplift RBI ban may also encourage people to prefer Facebook’s very own cryptocurrency Libra, which was launched last year.
What Cryptcurrency can be used for?
Cryptocurrency could be used to buy goods from online retailers; though not all merchants accept cryptocurrency, some retailers like NewEgg and overstock are known to accept it. People are also known to have used cryptocurrency as an investment like shares.
Cryptocurrency in India: Searches are Growing!
According to Fernando Angulo, Head of Communications at SEMrush, Cryptocurrency search growing fast across India. People in India are looking for something information transactional, or they want to buy something in terms of cryptocurrency, in terms of this entire industry. “The investment on cryptocurrency was the first place so they are searching, where to invest, what is the best cryptocurrency, how to get cryptocurrency to transform into rupees or how to get physical money about that?” said Fernando Angulo in an interview with DataQuest. Those interested can read more on the same here.