India's top court struck down a ban on cryptocurrency trading by the country's central bank, ending a nearly two-year legal battle to get the virtual currencies reinstated in the country.
The Supreme Court of India on Wednesday overturned a 2018 ruling by the Reserve Bank of India (RBI), which prohibited Indian banks from dealing with cryptocurrency exchanges over "concerns of consumer protection, market integrity and money laundering, among others."
The central bank's ban came after months of scrutiny of digital currencies by financial regulators as well as the government, which compared them to "Ponzi schemes" and threatened to impose harsh regulations. The RBI gave Indian banks three months to sever ties with all entities dealing in virtual currencies.
