RATE Group | India’s Banking Bitcoin Battle Shows No Sign of Letting Up
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India’s Banking Bitcoin Battle Shows No Sign of Letting Up

24 May India’s Banking Bitcoin Battle Shows No Sign of Letting Up

Posted at 19:02h in Bitcoin News by

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On April 5, India’s Central Bank, the Reserve Bank of India (RBI) made a big move in the ongoing global regulatory push on cryptocurrencies as it decided to no longer provide services to any person or business that deals with cryptocurrencies.

Since then, there has been a battle building up, with the latest skirmish set for July 20 – the Supreme Court of India’s next hearing date for the latest petitions against the bank’s decisions.

This decision followed confrontation between banks and Bitcoiners, and also came off the back of the Indian government claiming that “Bitcoin is a ‘ponzi scheme”, and that it lacks intrinsic value.

Many commentators felt this was not a ban in the conventional Chinese sense, because the Indian government also announced that they would support blockchain and even look into potentially launching their own cryptocurrency.

However, as time has gone on, those involved in cryptocurrency in India have felt the pinch of the RBI’s decision to cut ties…

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