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Supreme Court of India Lifts Crypto Exchange Banking Ban

In some of the most bullish news of 2020, and a long time in the making the supreme court of India has finally made a ruling on cryptocurrencies in India. The Supreme Court of India has ruled against a decision imposed by the country’s central bank nearly two years ago that stifled crypto trading in Asia’s third-largest economy. This ruling has been a long time in the making and it is finally here. India’s national Supreme Court endorsed their stand against curbs put in place by the central bank that effectively outlawed virtual currencies in Asia’s third-largest economy.

A three-judge bench headed by Justice Rohinton F. Nariman agreed with petitions by cryptocurrency exchanges, start ups and industry bodies that had challenged the Reserve Bank of India’s April 2018 decision to ban banks from offering any services to support digital currencies. The court struck down the RBI’s curbs on Wednesday.

Sumit Gupta founder and CEO of exchange aggregator CoinDCX stated:

“The uplifting of the ban by Supreme Court is going to open new opportunities for India in terms of investments, economy, and a market as a whole, As few of the surviving petitioners of the case, we are thankful to the Supreme Court for hearing our side of the story. We have always seen crypto as a potential to unlock India’s dream of becoming a $5 trillion economy.”

Tanvi Ratna, CEO and founder of Policy 4.0, which works on crypto policymaking in India, wrote in a pre-verdict analysis on Tuesday:

“a resurgence of liquidity and resumption of activity with exchanges and other startups.  “Now that this circular has been struck down as unconstitutional, banking access, the biggest hurdle so far, should pick up again. This will provide sufficient liquidity and access to market for many exchanges to come in.”

We already know Ripple is all over India and the pipes are laded.  We have had confirmation from Ripple that they are working with 50% of the banks in India.  Let’s date back to an article we posted in 2019 and tie Earthport into India:

Earthport partners with Kotak Mahindra Bank. Kotak Mahindra Bank is India’s fourth largest private sector bank with a pan-India footprint of 1,362 branches spread across 689 locations and 2,173 ATM’s. FOURTH LARGEST PRIVATE SECTOR BANK….this is huge people!  Ripple also announced through their website a deal with Kotak Mahindra Bank (article below).

“Earthport was selected by Kotak Mahindra Bank due to the superiority of its solutions over traditional cross-border payment methods. Earthport provides its clients access to fast, transparent, secure and cost-effective payments globally, through a single contract, a single technical integration and a single service relationship.”

EarthPort + India

We’re able to do this through RippleNet, a decentralized network of payment providers and banks that connect to each other through our technology. And, today we’re pleased to share the newest addition to RippleNet: Kotak Mahindra Bank  — a leading bank in India with over 1300 branches.We also got news from a Ripple Insights article speaking about the partnership with Kotak Mahindra Bank

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