RATE Group | Disappointment in India – Fate of Cryptocurrency Delayed Until September
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Disappointment in India – Fate of Cryptocurrency Delayed Until September

21 Jul Disappointment in India – Fate of Cryptocurrency Delayed Until September

Posted at 13:50h in Cryptocurrency News by

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Fate of Cryptocurrency in indiaOn July 20th, the Supreme Court of India delayed the fate of cryptocurrency in a decision that came as no surprise. The latest hearing of the case against the Reserve Bank of India (RBI), India’s central bank, was disappointing, with a limited case put forward by the plaintiffs.

Cryptocurrency in India

In April, the RBI issued a circular that ordered all financial institutions to desist from providing services to blockchain related companies. The effect of this circular was that exchanges and other services either shut down or moved to a friendlier jurisdiction.

But what is more questionable is that the RBI ordered banks and other institutions to stop dealing with customers who were transacting in bitcoin, sealing the fate of cryptocurrency.  The ban has only come into effect recently, on July 5th, with petitions to the supreme court to delay the ban falling on deaf ears. According to cryptocurrency regulatory news outlet Crypto Kanoon –

“Limited arguments…

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