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RE: Supreme Court of India Refuses Stay on RBI's Circular—Banking Services Ban Remains!
While it's still a little beyond my understanding, I am grateful to have through you a peek into the crypto world in India and its interactions with the people and economy.
I don't quite understand what you are explaining here, but it sounds super frustrating. I hope things turn around in relation to cryptos over there in a way that is freeing for so many!
Hi Kay! Basically the central bank of India has banned any bank regulated by it to provide banking services to crypto-exchanges in India. This means we cannot buy or sell via Indian exchanges anymore to convert crypto into Rupees and vice versa. Banks can render services until 5th of July and then these exchanges won't have a working bank a/c anymore as per the current mandate. Supreme court has refused to stop this mandate from going into effect from 5th July for now.
Oh, wow. That really is terrible news. Wish I had more to say.. but.. just awful for all of our Indian friends here and beyond! I hope it can turn around in time.