India’s Supreme Court is expected to make a ruling next week Tuesday, Jan 15, as the date to listen to cryptocurrency ban appeals that have been advanced in the Asian country. The Reserve Bank of India initiated the ban last year and the central bank of late had received a lot of criticism from local users and other players internationally in crypto space.
As one of the leading tech advancements and startups player India, embraced the use of cryptocurrency since inception of cryptocurrency in 2009. Many Indians use the digital currency as mode of making purchases and payment online.
Tiresomely, the local crypto community has been campaigning in the last few months via social media to have the bank either come up with better regulations or completely withdraw the ban in place.
“The original hearing was scheduled on September 11, but due to the court’s backlog hearings of other cases and RBI’s delay of filing its response, the session witnessed two consecutive rescheduling. The response from the central bank came finally around September 12. In its affidavit, RBI reserved its views on the cryptocurrency ban, telling the court that no legal system defines cryptocurrencies in its current format,” said Devendra
Kamatharcrypto local user.
He further explained via his Facebook page that some top organizations such as Hindustan Unilever Ltd (HUL), Mukesh Ambani-led Reliance Industries Ltd (RIL), HDFC Bank and ABG Shipyard, among others, which launched Blockchain and crypto based projects for internal treasury management, record keeping, payments, trade and finance functions and more functions in the country have already taken matters into their own hands going against the ban after noticing the delay.
Local banking institutions would no longer be allowed to provide crypto-related services to the populace as well as to other businesses operating in the country. Financial institutions have to close down all the crypto exchanges and accounts being operated by local businesses and entrepreneurs, reads official statement of RBI.