The Supreme Court Of India Asks The Government To Give An Opinion About The Use Of Cryptocurrencies

The Supreme court of India has asked the government to provide an official opinion on the cryptocurrency within two weeks, according to an article dated October 26, published in the Indian newspaper the Economic Times.

According to the article, the court received several petitions from cryptocurrency exchanges challenging the April decision of the Reserve Bank of India (RBI). This order prohibited RBI regulated organizations from providing financial services to exchanges and other cryptocurrency companies.

Although there is no ban on personal use or trading of digital currency in India, the disappointment on the part of RBI has had a large-scale impact on the Indian cryptocurrency market, as a result of which exchanges have moved away from Fiat crypto trading pairs and even closed completely.

According to the article, RBI lawyer Shyam Divan told the court that the government must ultimately make the decision about the politics of cryptocurrency.

India has no monolithic position concerning the cryptocurrency, but the RBI warned the public about using it in 2013.

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