India’s Court Continues Crypto Exchange Bank Account Ban

Highest court of India has rejected to terminate a ban accepted by the regional central bank that bars the country’s crypto exchanges from doing business with controlled financial firms.

On Tuesday Bloomberg stated that the Indian Supreme Court, headed by Chief Justice Dipak Misra, mentioned that the Reserve Bank of India’s (RBI) prohibition on ensuring services to crypto-related businesses will “remain implemented.”

The decision goes on with the ban, when the RBI said that monetary institutions would not be permitted to operate with exchanges or similar firms. It issued  the banks three months to output that market, making July 6 as the formal beginning date for the ban.

The policy displacement provoked  moves by members of India’s cryptocurrency ecosystem to start  series of legalized challenges.

Pursuant to Quartz, the proceedings was held on July 3 instead of July 20 after the Internet and Mobile Association of India (IAMAI), which calculates bitcoin exchanges as its members, asked an extra hearing.

The RBI declared during the hearing that cryptocurrencies, including bitcoin, cannot be discussed as currency in India as the country’s law requires coins “to be made of metal or existing in physical form and stamped by the government.’

The Supreme Court fight isn’t over yet, as the July 20 hearing must be held.

 

 

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