Bit SUPREME COURT LIFTS BAN AGAINST CRYPTO IN INDIA

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SUPREME COURT LIFTS BAN AGAINST CRYPTO IN INDIA  by E. Okorie, 5th of March , 2020

The supreme court in India on Wednesday 4th of march 2020 has ruled in favor of bitcoin and cryptocurrencies and has struck off Reserve Bank of India (RBI) ban against crypto. This is after two years after the first hearing of the case.

The RBI previously in April 2018 made a ban on financial institutions to provide services to crypto business. This ban was implemented three months later closing all crypto exchange accounts. this forced the institutions to close down (Zebpay, Coindelta, and Koinex.)

This development has a positive bullish sentiment for the bitcoin. Although the price of bitcoin remained stable and traded above the $8700 -$8900 on Wednesday, bitcoin enthusiast are optimistic that the upward break of the $9600 resistance level would trigger the confirmation of the bullish reversal pattern.