Crypto ban remains valid after supreme court hearing in India

Posted 03 July, 2018

The supreme court of India heald hearing regarding the ban on cryptocurrency operations by local financial companies. After the session, the decision has reportedly remained effective.

Back in early April, country's Central Bank ordered that beginning from July 5 all financial companies, including banking institutions, would have no right for the activities connected with cryptocurrency segment. Specifically, under the order, banks could not allow clients to buy digital coins from their accounts.

Once the authority released the document, people started lodging petitions to local courts asking to revise the ban. As a result, the supreme court ordered to collect all petitions classifying as a collective complaint in early May. However, this complaint was rejected during today's session.

"However, now that the ban will continue, the banking route for the exchanges and its users will be completely choked," commented a lawyer representing local crypto trading platforms.

Despite such development of the situation, crypto market players are optimistic about the future, given the last-week message of India's Ministry of Economic Affairs. Specifically, the secretary of the ministry stated that the government kept working on the regulations for the crypto segment.

"We have prepared a draft (on virtual currencies) that entails what parts of this businesses should be banned and what should be preserved. This should be discussed by the first week of July and we should wrap this up within in the first fortnight of July," said the secretary to the media.

The next hearing on this case is slated for late July.

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