Bitcoin is officially recognized in India

Got some awesome news to share: the Supreme Court has lifted the ban on trading cryptocurrencies in India. This is a huge step forward for the crypto community here. Check out the details in this article.

It's been legal for ages? Coindcx has been publicly functioning for a good couple of months and released news today they're partnering up with an Indian Bank....

Sort of. India's central bank implemented a ban on digital currencies in 2018, barring any regulated entity (bank) from serving cryptocurrency businesses. This effectively killed centralized cryptocurrency exchanges in the country. It was never illegal to use or trade bitcoins, though. That's because the Supreme Court just struck down the RBI's ban. Banks are now allowed to partner with exchanges again.

That's good news our Indian brothers are one of the active community here in Bitcoin community, some of them are developers themselves, I thought it will never come because just last year there are so many bad news about India government banning Crypto holders and services.now it's time for our brother to move forward.

And it was the centralised cryptocurrency exchanges who lead the charge to the highest court of India. The case was dragged for two years, many postponements, adjournments, but it was worth all the hardship as India's Supreme Court decided in favour of the petitioner, thus striking out the circular RBI released in April 2018.

Yes Indians for great day. Indian Government is allow to trading. SC allows trade in cryptocurrency, quashes RBI.

It has been legal , RBI proposed to make it illegal ( even holding any cryptocurrency ) but they didn't ( although they directed regulated entities not to participate in it ) and told they will be monitoring it for now and if any Indian lose their money , its the individuals money and also RBI couldn't ban it as community interfered and our Honorable Finance Minister told they will discuss it up , then it went to SC which squashed it . It surely is a great news as people like me were reluctant to buy huge amount .

I hope the decision is final because sometimes there is a motion for reconsideration but if it is enbanc then the decision is final and the Indian community, will now have a good opportunity to buy and trade Bitcoin and other Cryptocurrency and remember some of the best coders and developers comes from India.

It's only RBI that looks to bitcoin as illegal but thanks to the court, India has been free from this issue. The issue brought fear to the people there to buy huge amounts and even trade. They have the rights to file for reconsideration but let's hope for the best to our Indian brothers that this should be the final verdict.

When will this drama end? The debate on this matter has continued for several times. The state allows circulation, the central bank issues a warning, then circulates the ban, and then Parliament returns to deny that. India is one of the countries for this model and I do not think that the huge platforms will be based in India as individuals will not consider investing huge amounts of money. Lack of clarity is a bigger problem than the ban.

Isn't it over now? The RBI ban was appealed to the Supreme Court, who finally struck it down. There are no longer any prohibitions on dealing with Bitcoin exchanges, so several like Unocoin and ZebPay have just re-launched. That's debatable. The ban made it much more difficult for people to buy bitcoins. Now they can easily link their bank accounts to exchanges again. There is one draft bill apparently still hanging out there. Lawmakers neglected to introduce it in the last session though, so it may already be dead:

The question is - will they want to? Banks give accounts entirely at their discretion. Just because this has been lifted doesn't mean the regulation is any clearer. For the sake of crypto fans in India I hope a bank does look into it but it may not happen and the government is appealing it - https://www.coindesk.com/indias-central-bank-plans-to-fight-supreme-court-crypto-ruling Would you serve a few thousand customers or ignore them to avoid pissing off the RBI?

The regulatory situation doesn't seem ambiguous: That's why Unocoin already added bank transfers yesterday. So did CoinDCX and ZebPay. This is just a judicial review of technicalities, filed before the same bench of judges that already decided the case. Good luck to the RBI in getting the decision overturned. The legal team on the exchange side seems very confident the victory will stand.

I don't know how accurate is this website when it comes to their own news but from what I have know for the past couple of years there problem isn't about crypto trading being illegal but it is about crypto not being recognized as a legal tender for the country as well as issues with commercial banks having a blanket ban against crypto related businesses which prevent them on having any kind of transactions. The latter issue I have mentioned is where the Indian government has lacked some developments and even basing it on the news you have provided it seems like their Supreme Court has not mentioned any relation towards the blanket ban. So even if crypto trading is legal without these businesses having a convenient way for its users to cash out their earnings it would not simply matter at all.

Good. If I were Indian, I would not trust the banks, nor the government. BTC is a safer bet.

At this rate where we get our news from random sources where we can't verify their reliability I don't think this kind of “ping-pong” like news infromation will ever stop. We don't even know what's true anymore until we see the effects on it so I won't really make an impression on the article the OP provided since it is always the same thing being reported everytime and  change it a little every now and then or even make something up just to stay relevant in the crypto news industry.

Maybe this particular decision will stand but we've seen what the Indian government is willing to do to its people in the name of driving them towards their economic goals. Bitcoin does not align with those goals so if I were Indian I'd be buying with the expectation of future meddling.

agreed . now that cryptos are on the limelight , many crypto news site suddenly pops up like a mushroom but of course there are those pioneers that already gain a reputation because they provide only accurate and relevant news  . we can only visit them and get infos on them instead of beieving on the random sh8t that we see from time to time .  i also agree on you that if the news is legit we can then feel its effect later on but there could be also other reason on why the effect have occured and its not mainly because of the news that you see or believe .

No argument there, but it's at least clear now that the RBI and India's executive branch do not have unchecked power to stop Bitcoin and VASPs with blanket bans. They can craft regulations within the existing legal paradigm, but effective meddling like the RBI ban will probably require the passage of new laws by the Indian Parliament. I don't know how likely the passage of a bill like this is, but that's my biggest concern now.

The similar thing has happened in China before. Banning blockchains, then approving them. It's not as easy as just giving the greenlight because those authorities sure as hell want another gold mine of customer data.