MUMBAI: India’s Supreme Court ruled on Wednesday to allow banks to handle cryptocurrency transactions from exchanges and traders, overturning a ban on such dealings by the central bank that had come as a major blow to the thriving industry.
The Reserve Bank of India had ordered financial institutions to break off all ties with individuals or businesses dealing in virtual currency such as Bitcoin within three months, in April 2018.
The ban led to plummeting trade volumes and exchanges shutting their businesses.
“Investments had stopped and start-ups were staying away from starting business in the crypto and blockchain space in India which will change now that the Supreme Court has said that the RBI circular was unconstitutional,” said Nischal Shetty, CEO of WazirX, an Indian cryptocurrency exchange.
However, the industry still faces hurdles as a government panel, appointed to look into the matter, has recommended that India ought to ban all private cryptocurrencies. In July, the panel also recommended a jail term of up to 10 years and heavy fines for anyone dealing in digital currencies.
The government though is yet to act on these recommendations and is yet to finalize regulations around cryptocurrencies.
On several occasions, the government along with the central bank, had cautioned the public about the risks of cryptocurrencies. If the government follows the panel’s recommendations, it could signal the end of the road for these digital currencies in India.
India’s top court strikes down RBI banking ban on cryptocurrency
https://arab.news/rbscs
India’s top court strikes down RBI banking ban on cryptocurrency
- RBI had ordered financial institutions to break off all ties with individuals or businesses dealing in virtual currency
- The ban led to plummeting trade volumes and exchanges shutting their businesses
Egypt’s non-oil exports rise 17% as trade deficit narrows
RIYADH: Egyptian non-oil exports increased by over 17 percent year on year in 2025, reaching approximately $48.6 billion, new figures showed.
Latest foreign trade indicators released by the country’s Ministry of Investment and Foreign Trade revealed the trade deficit narrowed by 9 percent over the 12 months, reaching around $34.4 billion, according to a statement.
This supports Egypt’s ambition to enter the global top 50 in trade performance, boost exports to $145 billion a year, and narrow the trade deficit.
It also aligns with the country’s efforts to streamline procedures, maximize the benefits of trade agreements, and protect local industry in line with international agreements.
The newly released data said: “Egyptian gold exports also saw a substantial increase, reaching $7.6 billion in 2025 compared to $3.2 billion in 2024, an increase of $4.4 billion.”
It further indicated that the largest markets for Egyptian non-oil exports in 2025 included the UAE, Turkiye, and Saudi Arabia, as well as Italy and the US.
The most important export sectors included building materials at $14.9 billion, chemicals and fertilizers at $9.4 billion, and food industries at $6.8 billion.
In October, Egypt’s credit rating was raised by S&P Global to “B” from “B-,” while Fitch reaffirmed its “B” rating, citing reform progress and macroeconomic stability.
S&P said at the time that the upgrade reflects reforms implemented over the past period by the country, including the liberalization of the foreign exchange regime, which boosted competitiveness and fueled a rebound in growth.
Prime Minister Mostafa Madbouly also said at that time that both rating agencies’ decisions signal confidence in the government’s reform agenda and its expected returns.
In September, Egypt’s Ministry of Planning, Economic Development and International Cooperation reported that the economy expanded 4.4 percent in fiscal year 2024/25, driven by a strong fourth quarter when gross domestic product growth hit a three-year high of 5 percent.
This reflects the impact of the more flexible exchange rate regime adopted since March 2024, which has helped stabilize the balance of payments and restore investor confidence.
