The Supreme Court made this decision in response to a class action lawsuit from several cryptocurrency exchanges in the country.
For example, less than a year ago, in July 2019,a working group under the Government of India recommended tightening the ban on cryptocurrencies. According to their plan, the bill provided for real punishment for their use - it could be large fines or imprisonment of up to 10 years.
In the United States may appear its own state cryptocurrency
Organization "Internet and Mobile AssociationOf India ”stated that lifting the ban is a necessary step to combat the artificial fencing of cryptocurrencies from the country's financial system. They also stated that Bitcoin cannot be regarded as a full-fledged currency because it does not exist in physical form and cannot be centrally controlled by the government.
The Times of India notes that influencestates on cryptocurrencies will increase, and the project itself will receive a “second wind”. According to them, the Indian authorities intend to participate in the digital asset market and compete with decentralized financial instruments.