Before RBI's ban, crypto market stood at $12.9 billion in India

The virtual currency is back in the news, with the Supreme Court setting aside the 2018 circular of the Reserve Bank of India that had placed a ban on cryptocurrency transactions.

According to a report in Business Insider, the cryptocurrency market in India was worth $12.9 billion in 2016-17, a time when digital currencies had taken the world by storm.

Several exchanges popped during crypto's unprecedented boom, with about 750 Bitcoins trading on a daily basis, data collated from CREBACO, a Mumbai-based research foundation, showed.

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Indian investors were extremely bullish on the crypto market at that time, with Zebpay, a cryptocurrency exchange, reporting 300,000-400,000 new users every month.

In a 2016 interview with DNA, Sandeep Goenka, co-founder of Zebpay, said that the company was raking in an annual turnover of Rs 500 crore in less than two years since inception.

The frenzy was such that nearly five million Indian users were trading popular digital currencies, bringing in monthly volumes of Rs10,000 crore.

However, all the hype came crashing down in April 2018, when RBI imposed a blanket ban on cryptocurrencies.

However, with today's judgement, the cryptocurrency has once again become the talk of the town and only time will tell if it can recapture its former glory.