Supreme Court of India: RBI has 2 weeks to respond to crypto complaints properly
The Supreme Court of India has taken an offensive position towards India's Central bank in terms of the restrictions of cryptocurrency businesses that operate in the country.
According to the sources, the Supreme Court held a hearing during which it was determined that the representatives of the Central Bank failed to provide a rational answer on the complaints lodged by the cryptocurrency companies. As a result, the Court ordered that the officials must prove their measures against the subject industry within the 2-week period.
It was stated in the reports that the representatives of the Central Bank answering Court's question regarding the lack of reasonable reaction on the complaints said that they would pass this issue to the government.
For reference, the Central Bank of India ordered last April that banking and financial organizations are banned from providing any services to the companies that deal with cryptocurrencies.
In July, the government task force released a guideline in which it suggested to ban cryptocurrencies in the country. According to the expert assessment, this move could result in $13 billion damage.
22 August, 2019 11:06
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