{"id":5118,"date":"2020-03-04T06:47:31","date_gmt":"2020-03-04T06:47:31","guid":{"rendered":"https:\/\/www.newmoneyreview.com\/?p=5118"},"modified":"2020-03-24T06:55:28","modified_gmt":"2020-03-24T06:55:28","slug":"india-lifts-cryptocurrency-ban","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2020\/03\/04\/india-lifts-cryptocurrency-ban\/","title":{"rendered":"India lifts cryptocurrency ban"},"content":{"rendered":"

India\u2019s supreme court has struck down a two-year ban on cryptocurrency use<\/a> in the country, boosting the prospects for adoption of virtual currencies in the world\u2019s second most populous state.<\/p>\n

The ban was originally introduced by India\u2019s central bank, the Reserve Bank of India (RBI), which in April 2018 issued a circular stopping financial services companies from dealing in or settling transactions in virtual currencies.<\/p>\n

\u201cSuch services include maintaining accounts, registering, trading, settling, clearing, giving loans against virtual tokens, accepting them as collateral, opening accounts of exchanges dealing with them and transfer\/receipt of money in accounts relating to purchase\/sale of VCs\u201d, the RBI said at the time.<\/p>\n

The IMAI argued that cryptocurrencies weren\u2019t a currency but a commodity<\/p><\/blockquote>\n

By lifting the ban, the supreme court appears to have sided with the arguments of the petitioner in the lawsuit, the Internet and Mobile Association of India (IMAI).<\/p>\n

The IMAI had questioned the RBI\u2019s powers to impose the ban, arguing that cryptocurrencies weren\u2019t a currency but instead resembled a commodity.<\/p>\n

In its arguments before the supreme court, the central bank had underscored that it had treated cryptocurrency as potential competitor to the country\u2019s new digital payment system.<\/p>\n

During the last decade, India has moved its payments infrastructure from a largely paper-based system to one of the most advanced digital platforms in the world<\/a>.<\/p>\n

In some ways, India\u2019s stance on cryptocurrencies has mirrored that in its neighbour and the world\u2019s largest country by population, China.<\/p>\n

In 2013, the People’s Bank of China (PBOC) prohibited financial institutions from handling bitcoin transactions, then in 2014 it ordered commercial banks and payment companies to close bitcoin trading accounts.<\/p>\n

In 2017 China banned cryptocurrency exchanges and trading platforms and in early 2018 the People’s Bank of China said it would crack down on bitcoin mining.<\/p>\n

However, in October 2019 China softened this stance after President Xi Jinping gave a speech saying China needs to \u2018seize the opportunities\u2019 presented by cryptocurrency and blockchain.<\/p>\n

The following month, China\u2019s economic planning agency removed cryptocurrency mining from a list of activities set for elimination.<\/p>\n

China\u2019s cryptocurrency ban had in any case been widely flouted.<\/p>\n

\u201cWe look forward to empowering 3 billion people with the freedom of money\u201d<\/p><\/blockquote>\n

The country is estimated to perform around two-thirds of bitcoin mining<\/a>, while Chinese-owned cryptocurrency trading firms have been moving rapidly from one jurisdiction to another while continuing to operate.<\/p>\n

For example, in November one of the world\u2019s largest cryptocurrency exchanges, Binance, refuted reports that Chinese authorities had raided its office in Shanghai<\/a>, which was allegedly operating in defiance of the authorities\u2019 cryptocurrency trading ban.<\/p>\n

Binance was founded in China but moved its servers and headquarters into Japan in advance of China\u2019s September 2017 ban on cryptocurrency trading.<\/p>\n

Then, after increased scrutiny from Japan\u2019s Financial Services Authority, in March 2018 Binance said it was building up operations in Malta<\/a>, with many websites reporting the Mediterranean island as the exchange\u2019s new HQ.<\/p>\n

However, recently, Malta said it had not given Binance a licence to operate<\/a>. Crypto news site Decrypt<\/em> has since reported that Binance is legally registered in the Cayman Islands and the Seychelles<\/a>.<\/p>\n

In a tweet on Wednesday 4 March, Binance\u2019s CEO, Changpeng Zhao, who was recently reported as the wealthiest individual in the cryptocurrency industry<\/a>, welcomed the decision by India\u2019s supreme court to lift the country\u2019s cryptocurrency ban.<\/p>\n

\u201cWe look forward to empowering 3 billion people with the freedom of money,\u201d Zhao said.<\/p>\n

Don\u2019t miss any more New Money Review content:\u00a0sign up here<\/strong><\/a> for our\u00a0newsletter<\/em><\/p>\n

Click here<\/a> for a full list of episodes of the New Money Review podcast: the future of money in 30 minutes<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

India\u2019s supreme court has struck down a two-year ban on cryptocurrency use in the country, boosting the prospects for adoption of virtual currencies in the world\u2019s second most populous state. 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