India’s cryptocurrency businesses are eager to
see the restrictions on cryptocurrencies lifted in an apex
court ruling – but many are anticipating strict
regulation for the sector in the coming months.
In a March 5
ruling, the Supreme Court of India decided that a 2018
Reserve Bank of India (RBI)
circular that banned banks from dealing with any
cryptocurrency businesses is unconstitutional and imposes
disproportionate restrictions. The RBI has 30 days from the
date of the ruling to file a review petition.
The 2018 circular resulted in a shutdown of cryptocurrency
services in the country, but sources say that many will return
to the market with this ruling.
Kunal Barchha, founder at cryptocurrency exchange CoinRecoil
said: "We are a startup actively looking for funding to achieve
the growth we are seeking. The last two years of...