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Crypto trading rises in India after SC overturns RBI payments ban

India covid-19 pandemic bill
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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. Coin DCX, which claims to be India’s largest crypto exchange continued to operate even after the ban.

The exchange told Mint that it has seen a sharp rise in users and trading volumes after the SC judgment. “We saw nearly a 10x spike in sign-ups,

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COVID-19
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Recovered: 0
India
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