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📣 Good news for the Indian community and global cryptocurrency traders 🎉

A recent ruling by the Orissa High Court has brought exciting news to the Indian community and global cryptocurrency traders. The court ruled that cryptocurrency trading is not illegal under Indian law, a decision that echoes the historic ruling of the Indian Supreme Court in March 2020. In that landmark ruling, the Supreme Court annulled the Reserve Bank of India (RBI) circular issued in April 2018, which had prohibited banks from servicing cryptocurrency trading.

The Supreme Court held that the RBI's ban lacked constitutional basis as it failed to prove that cryptocurrencies posed a threat to the financial system. Therefore, India currently has no clear law prohibiting the use of cryptocurrencies and legalizing such transactions. The ruling of the Orissa High Court further consolidated this legal position, emphasizing that in the absence of legislation that explicitly prohibits cryptocurrencies, such transactions remain legal.

This ruling not only brings hope to the Indian community, but also provides confidence to global cryptocurrency traders. It highlights the current regulatory environment for cryptocurrency transactions in India, that is, cryptocurrency transactions are allowed under Indian law before further legislative development. Let us look forward to the continuous development of cryptocurrency technology, India and even the world can establish a more complete and inclusive regulatory system, and contribute to the prosperity and stability of the cryptocurrency market.

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