Undoubtedly, the Indian crypto industry’s has undergone a lot of up’s and downs in recent months. The burgeoning issue between RBI and crypto exchanges on the crypto ban will be final heard Today.
As per reports, the final verdict which was supposed to be called for hearing yesterday by the Supreme Court of India is pushed a day ahead due to the unavoidable situation in court. The answer to the ban imposed by RBI in April month will finally be resolved. All eyes of crypto exchanges are on tomorrow’s verdict. Whether the decision comes in favor of them or the RBI.
In the month of April, the central banking authority the Reserve Bank of India(RBI) issued a circular directing all the financial institutions and banks associated to RBI to stop providing any sort services to crypto exchanges.
This blanket ban largely affected the booming crypto space in the nation and hence stalled the growth of cryptocurrency on an overall basis.
Looking at a series of events, in the month of June, an RTI was filed by a domestic lawyer seeking answers for the central bank’s policy procedures. This apparently revealed RBI had not conducted any research or consultation before introducing its crippling policy. Post which on July 3 the last minute petition filed for a temporary stay on the ban was rejected by Supreme Court.
On July 20, yet another petition filed by Internet and Mobile Association of India (IAMAI) – a body that domestic exchanges are part of, and the central bank, witnessed limited arguments by lawyers and failed to hold the stance on crypto advantages.
Furthermore, to dodge the ban many crypto exchanges started to make use of P2P networks for crypto-fiat conversions and now based on tomorrow’s hearing the final verdict will be decided.
Well, readers what do you think the Supreme Court might decide for or against cryptosystem? Share your thoughts in the comment section below.
