India’s Supreme Court lifted the long-lasting cryptocurrency ban in the country last week. The initial decision was made by the central bank, Reserve Bank of India (RBI). The news was perceived as very bullish by the crypto-community as India represents Asia’s third-largest economy.

As recently reported, it seems the government institutions are going head to head as RBI is seeking to review the supreme court’s overruling. The news was made public by The Economic Times who has stated that the information is coming from “people with knowledge on the matter” and that the review petition filing is coming from a place of fear of crypto’s effect on the banking system and not only precaution.
While it is rare for such a review to yield any fruit, it is within RBI’s rights to do so. Following the low likelihood of a “positive” outcome for RBI, crypto-exchanges that had moved elsewhere can now relocate in their home country.
One cryptocurrency exchange was recently acquired by Binance, WazirX, shortly before the bullish news broke out. This will now “de-criminalise” investors that are looking to get involved with virtual assets such as Bitcoin. The next step would be to see how banks will be adapting to the changes and whether they’ll cooperate with crypto-exchanges to facilitate entry via fiat-onramps or not.
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