The Supreme Court of India has postponed giving its verdict to the crypto-ban issued by the central bank. The Reserve Bank of India made all Indian banks stop crypto related operations by June. The announced date of the next hearing is September 11, therefore the ban is still in place until the court’s verdict.
We have been seeing this tendency around the world, with Chilean banks also being taken to court for restricting crypto related accounts, however, the banks there did not have an upper hand over the constitution. Being free to operate business' in a legal way that the owner sees fit is a right, as well as not being discriminated over the nature of one’s enterprise.
Now we wait for September to see what will be the court’s decision. As India is a prominent player in the world of crypto, either way, this turns out could influence other countries and banks alike, consequently the whole market.
WHY IS IT IMPORTANT?
- Crypto is banned in India at the moment. Due to the weariness of the increasing rise of crypto fraud the ban has been upheld in the past. However this attitude is not backed up by everyone, there are calls to reverse the ban and allow the industry in the country to develop.
- The world continues to be torn between the crypto skeptic - India and the crypto friendly countries such as Malta and Switzerland. While others continue to sit on the fence in an attempt to come up with appropriate legislation to govern the rapidly growing industry.