India Continues to Deny Cryptocurrency After High Court Upholds Ban
In its latest decision, the Supreme court in India has denied any momentary ruling against the ban placed on Central Bank which prohibits providing any service to crypto exchanges.
India’s RBI previously issued bans on any monetary establishment wishing to run any cryptocurrency-related businesses and exchanges. The announcement also denies any bank customers from purchasing cryptocurrencies via their personal or business accounts. The court’s ban is set to execute on the 5th of July, and will effectively continue for the following three months.
The court’s decision to implement a full ban on the new-era technology has sparked several concerns and debates among the cryptocurrency community. Many have referred to the ruling as going against the constitution, and many exchanges have challenged the court’s decision and continue filing for a reversal of the restrictive ban.
India’s IMA managed to accelerate a petition filed last month for a chance to appeal to the courts, however, they continue to refuse any chance at lifting the ban on crypto.
As the ban continues, this proves to be an incredibly restrictive time for crypto exchanges and any users involved in the digital scene as banks continue to be forbidden from dealing in any activities related to digital currencies.
While the ban continues to hold strong, many are expecting India to overrule and implement proper guidelines as well as regulate the use of cryptocurrencies in the country. Authorities have confirmed that India is working to implement the required regulations in place and allow cryptocurrency businesses to lawfully function in the country.
As one official stated, India is close to developing a regulated system which will be reviewed during the first week of July by its committee.