India's Supreme Court has just lifted the Reserve Bank of India's ban that prevented banks from offering their services to crypto-related companies, Bloomberg reports.
The RBI banned financial institutions from offering their services to companies related with cryptocurrencies back in April 2018.
This decision greatly affected the development of the industry in the country, which forced many companies to shut down or leave India. However, they filed several appeals to the courts.
Now, the Supreme Court of India has considered their claims and lifted the ban.
We should take into account that the Reserve Bank of India has said it had not banned cryptos in the country, but simply banned offering banking services to crypto-related companies in order to protect companies from the risks associated with trading these assets.
At the same time, the Central Bank of India has been exploring the creation of a CBDC while it was banning private cryptos such as Bitcoin.
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