India: Pro-Bitcoin Supreme Court decision could falter

Bitcoin bulls celebrated last week when it was announced that India’s Supreme Court lifted the industry’s anti-crypto restrictions, the Reserve Bank of India, on Wednesday.

In a Wednesday ruling, the Indian Supreme Court overturned the restrictions that the Reserve Bank of India had imposed on banks. This move enables banks to make banking with companies in the industry easier again, “removing a major hurdle for the sector’s development,” as Reuters said. In fact, Bloomberg’s analysis of the Supreme Court’s decision stated that Wednesday’s ruling means that “investors and companies investing in virtual currencies can defend themselves against stricter rules planned by a skeptical government,” and added added that any future regulations for the Indian bitcoin industry are likely to be less stringent as the RBI ban is no longer applicable.

Since the RBI ban forced many exchanges, ATM operators, and projects to look elsewhere for opportunities, removing the restriction was seen as a massive win for the introduction of Bitcoin in India. Unfortunately, the decision is not yet quite certain and final; Reports say that the Indian Central Bank is trying to take action against the decision of the Indian Supreme Court.