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Countries That First Outlawed Crypto but Then Embraced It

As time progresses, the revolution of peer-to-peer digital currencies picks up speed. Now, countries like India and Iran, which previously had a harsh legal stance on cryptocurrencies, are warming up to the idea of adopting them. In India, for instance, the Supreme Court has struck down a blanket ban that was placed on banks dealing with crypto-related businesses back in April 2018.


In Iran — while the country’s central bank had issued a blanket ban on cryptocurrencies in a misguided move to prevent capital flight due to fears of sanctions by the United States — the central bank is now looking to establish a sovereign stablecoin in a move to expand its digital banking operations.


Here is a list of countries that first outlawed crypto but have since made a turnaround.


India


In April 2018, the Reserve Bank of India issued a blanket ban on all banks doing business with crypto-related firms. The ban came into effect about three months later that same year after which ensued a litany of petitions from India’s crypto community trying to end the ban.


It was not until a few days ago that the country’s Supreme Court struck down RBI’s controversial ban with a ruling that declared RBI’s action as “disproportionate.” The three-judge bench that presided over the matter issued a joint verdict that indicated a lack of hard facts to substantiate the ban.

It seems that the only legal hurdle that remains for India’s budding crypto space is a 2019 draft bill on a possible crypto ban that was delayed by parliament. It might be too early to celebrate the move to lift the ban, however, for India’s crypto community, its mature and thoughtful approach while dealing with regulators has certainly paid off.


With the ban lifted, Indian crypto traders and enthusiasts will be able to enjoy the convenience of making direct deposits to exchanges in rupees from their bank accounts. Also, there is a generally optimistic mood in the country’s crypto space with government consultants and crypto enthusiasts agreeing that the recent verdict will have a positive impact on the country’s crypto trading volume, as well as the entire blockchain space in general. Read More...

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