March 8, 2020 Tanvi Ratna analyzes the Supreme Court of India’s recent ruling.

Tanvi Ratna, CEO of Policy 4.0 and fellow on cryptocurrency regulation at the New American Foundation, reviews the legal reasoning behind the Supreme Court of India’s recent overturning of the banking service ban. In Ratna’s analysis, the ban was overturned primarily because the ban was not proportional to the threat posed by virtual currency exchanges, with the central bank inadequately substantiating its position on risk. Ratna suggests the central bank would need to amass such evidence if it is to succeed in its appeal, though also points out how the language of the ruling leaves open legislative avenues for banning virtual currencies. Ratna also examines the political climate in India and highlights voices within advocating a more progressive approach.