India Upholds Crypto Ban
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During today’s hearing, the Supreme Court of India has left the ban on local financial companies to conduct operations with the cryptocurrency in force. The Reserve Bank of India (RBI) has imposed a ban on operations with the cryptocurrency for any financial institutions, including banks, as early as April 5, and the decision must enter into force on July 5.

Banks were forbidden to allow customers to buy cryptocurrency from their bank accounts. In addition, the ban was imposed on the provision of services to companies operating in the field of cryptocurrency. After publishing the document, many complaints and petitions from crypto exchanges began to be filed with the local courts with a request to repeal this prohibition. As a result, in early May, the Supreme Court had decided to collect all the complaints in one.

At today’s meeting, the court rejected this collective complaint. According to a representative of the crypto exchanges, market participants tried to get a reprieve for at least a month. The next hearing, during which the industry representatives will try to challenge the RBI’s decision again, is scheduled for July 20.

India to Reverse Crypto Ban With New Regulations

However, there is a ray of hope for the local crypto industry. India is planning to introduce a new regulatory regime. The head of the government committee and the secretary of the Department of Economic Affairs Subash Chandra Garg, told reporters that they have almost completed the development of the legal framework for the cryptosphere. Authorities can approve draft regulations for digital assets in July. In an interview with the news channel ET Now Garg said that the relevant bill has already been prepared.

By Ekaterina Ulyanova

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