Indian Supreme Court approves Bitcoin, Cryptocurrency business
Supreme Court allows Bitcoin and Cryptocurrency business. The Reserve Bank of India had issued a circular on 6 April 2018 banning bitcoin, cryptocurrency transactions in India. The world’s most valuable cryptocurrency, Bitcoin declined by 0.39 percent to $ 8,815.
The Supreme Court on Wednesday has ordered to end the ban on cryptocurrency business in India. The Supreme Court in its order has validated the cryptocurrency business. Bitcoin has a market cap of $ 161 billion. The Supreme Court has also ordered the end of the ban on virtual currency, cryptocurrency, and bitcoin.
The Reserve Bank of India had issued a circular on 6 April 2018, banning cryptocurrency transactions in India. The central bank had instructed not to do business in virtual currency. Bitcoin has a market cap of $ 161 billion.
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The Reserve Bank of India had warned the holders and traders about the risks involved. This circular issued on April 6, 2018, was subsequently challenged in the Supreme Court.