⏺ Good News for Indian Community and Crypto Traders of world wide 🔥
The Orissa High Court ruled that cryptocurrency dealings are not illegal under Indian law, aligning with the Supreme Court's March 2020 decision. In that landmark judgment, the Supreme Court nullified the Reserve Bank of India's (RBI) April 2018 circular, which had prohibited banks from providing services for cryptocurrency transactions. The Supreme Court ruled that the RBI's ban was unconstitutional, as it failed to prove that cryptocurrencies posed a threat to the financial system. Consequently, there is no specific law in India that bans cryptocurrency usage, making such transactions legal. The Orissa High Court's decision reinforces this legal stance, emphasizing that in the absence of explicit legislation prohibiting cryptocurrencies, such dealings remain lawful. This ruling underscores the current regulatory environment, where cryptocurrency transactions are permitted under Indian law pending further legislative developments.
