Crypto Ban in India: The New Turn
The Supreme Court of India has been urged to regulate cryptocurrencies thanks to the Reserve Bank of India, which is the national central bank. It was reported in the local newspaper at the end of July.
The Reserve Bank of India announced in April this year that it will no longer provide its services to individuals and companies operating with cryptocurrencies, highlighting the risk involved.
Since The Reserve Bank of India thinks it is of the utmost importance to regulate them, especially Bitcoin, since they lend themselves to illegal transactions, this was said to the Supreme Court, presided over by Dipak Misra, by Syam Divan, who is a great advocate of the Reserve Bank of India. He indicates that cryptocurrencies are not a small problem, but the contrary; it can significantly affect the flow of money around the world if it is not adequately regulated.
The issue is being examined by the secretary of economic affairs, Subhash Garg, along with his interdisciplinary committee, which was established in 2017. Thanks to this, the Reserve Bank of India will take a few weeks to present its requests for regulations.
The Supreme Court decided to postpone in July the hearing on the prohibition of The Reserve Bank of India’s participation in activities involving cryptocurrency, which was moved to the second week of September.The bans on negotiations with cryptocurrency have received criticism from the local community, including a petition with more than 40,000 signatures for the removal of the prohibitions. But, in May, it was decided that no precautionary measures would be granted.
In the same month, it was also forbidden to present any petition to the national courts that disagree with the prohibition of transactions with cryptocurrency; that is to say, the ban is already a fact.
However, it was reported in July that the government may not implement such a strict ban, but may begin to classify cryptocurrency as commodities.
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