The Supreme Court on Wednesday quashed the ban levied on the trading of the cryptocurrency in India. The decision overruled the 2018’s RBI ban imposed on virtual currencies like Bitcoins.
The aim of the ban was to safeguard the country’s financial system from the private virtual currencies, which is deemed illegal by the government.
For the unknown, Cryptocurrencies are digital currencies that uses encryption techniques to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
Over the years, bitcoin, as a cryptocurrency has been unstable leading to investors pulling away from investing in the same. After depreciating by up to 70% last year, the same has appreciated by almost half so far this year, to regain the $10,000 mark against the US dollar.