The Supreme Court of India criticized the country’s Central Bank’s ban on servicing cryptocurrency companies and demanded that the financial regulator substantiate its decision within two weeks.
At the last meeting
An ongoing hearing on the actions of the Reserve Bank of India (RBI), the court ruled that the Central Bank did not properly respond to cryptocurrency industry concerns about the ban. RBI banned
banks to serve cryptocurrency companies, including exchanges, in the spring of 2018. After that, the work of most platforms became impossible and many exchanges had to stop
their activities in the country.
On Wednesday, the ban was harshly criticized by Supreme Court Justice Rohinton Fali Nariman. how summarized
A group of Crypto Kanoon lawyers analyzing regulatory actions and raising legal awareness, Nariman gave RBI just two weeks to justify his actions.
Discussing the final outcome of the hearing, Crypto Kanoon summarized:
“The case is taking the most unpredictable turn. Judge Nariman ordered the RBI to respond to complaints accordingly. The judge suggested postponing the case for 2 weeks to give RBI time to justify its ban. RBI agreed. ”
In late July, it was reported that a working group organized by the Indian government recommended
ban cryptocurrencies and introduce punishment for those who will interact with them. And a couple of weeks before that, information appeared that India could ban
All cryptocurrencies except digital rupee.