RBI had banned cryptocurrency in the nation on April 6, 2018. Following this, banks and financial institutions were banned from trading in cryptocurrency.
Now, on 4 March 2020, the reports say that “SC rules curb on cryptocurrency trade illegal,”.
The virtual currencies and Bitcoin can now be used for financial transactions and services.
The cryptocurrency bill issued last year has gone through a lot of debates among the Indian crypto community. Today's declaration raises hopes of India that it may boost industrial growing level. However, the concern for money laundering rises.