Crypto trading rises in India after SC overturns RBI payments ban
- People are sitting at home and have time to trade on their computers, say experts
- Some crypto proponents have drawn a parallel between virtual currencies and gold
On 4 March, the Supreme Court overturned a ban imposed by the Reserve Bank of India (RBI) on cryptocurrency payments. The RBI circular, in April 2018, had banned bank payment systems from being used for cryptocurrency-related payments. However, several cryptocurrency exchanges continued to operate, focusing on trading between cryptocurrencies rather than fresh investment in cryptocurrency by Indian investors. In some cases, they continued to process rupee payments through peer-to-peer mechanisms.
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