The Supreme Court on Wednesday struck down the curb on cryptocurrency trade in India.
“SC rules curb on crypto currency trade illegal,” the report said while adding that the order lifted ban on trading in virtual currency, cryptocurrency and bitcoins.
Bitcoin, the most valued cryptocurrency in the world, was down 0.39 per cent at $8,815. The market cap of the currency stood at $161 billion.
The Reserve Bank of India had virtually banned cryptocurrency trading in India as in a circular issued on April 6, 2018, it directed that all entities regulated by it shall not deal in virtual currencies or provide services for facilitating any person or entity in dealing with or settling those.
Regulated entities that were already providing such services were told to exit the relationship within three months.
The RBI had earlier issued circulars cautioning users, holders and traders of virtual currencies, including bitcoins, regarding various risks associated in dealing with such virtual currencies. The April 6’2018 circular was later challenged in the top court.