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.
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.