RBI cryptocurrency ban: What is the way forward for crypto exchanges, investors?
The Supreme Court refused to stay a circular released by RBI which prohibited banks and financial institutions from dealing in bitcoin and other cryptocurrencies. The next hearing for the matter will be held on July 20.
The crypto exchanges have explained to the RBI how cryptocurrencies are being adopted by other jurisdictions and how concerns related to the digital currency can be dealt with. It is noteworthy that in its judgment, SC has asked the RBI to consider arguments made by crypto exchanges in the matter.
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Digital forms of money have not been restricted from India yet, despite the fact that Finance Minister Arun Jaitley had said in his spending discourse for 2018-19 that virtual monetary forms are not lawful delicate.
The Supreme Court declined to remain a roundabout discharged by RBI which denied banks and money related organizations from managing in bitcoin and different digital forms of money. The following hearing for the issue will be hung on July 20.