The Supreme Court of India has lifted the ban on banks servicing cryptocurrency exchanges imposed by the Indian government.

 

According to reports, Indian state officials are no longer interested in outlawing Bitcoin, and a crypto regulation bill could be debated during Parliament's Monsoon Session.

The tide may have finally turned for cryptocurrencies in India, according to rumors that the government is softening its attitude on digital currency.

The government's antagonistic posture toward Bitcoin (BTC) looks to be turning toward more common-sense regulatory measures for cryptocurrencies, according to an article published by The New Indian Express on Thursday.

Authorities have scrapped initial intentions for a blanket Bitcoin ban in favor of designating cryptocurrencies as an alternative asset class, according to inside sources reported by the journal.

In cooperation with the finance ministry, the Securities and Exchange Board of India would apparently be in charge of regulating crypto rules in India.

These inside sources also claim that during the Monsoon Session, which begins in July, Parliament will discuss a complete crypto regulation measure. An expert council set up by the finance ministry is apparently looking at crypto regulatory protocols, and its findings could be used in legislative debates next month.

Ketan Surana, a member of the Internet and Mobile Association of India, commented on the rising good signs on the crypto regulatory front:

“We can confidently state that the new cryptocurrency committee is highly hopeful about cryptocurrency regulation and legislation.”

 

Indiatech.org, a technology lobbying organization in India, encouraged the government to designate cryptocurrency as digital assets rather than currencies in May.

Meanwhile, the Reserve Bank of India remains a vocal critic of cryptocurrencies, recently emphasizing that its stance on the subject has not changed. The RBI, on the other hand, has denied claims that it has ordered banks to limit services to crypto exchanges.

Indeed, the Supreme Court of India rejected a 2018 RBI order prohibiting banks from servicing bitcoin exchanges in March 2020. Three big crypto exchanges — Kraken, Bitfinex, and KuCoin — are looking to enter the Indian market, according to Cointelegraph.