Supreme Court of India: RBI has 2 weeks to respond to crypto complaints properly

Posted 22 August, 2019

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.

Previous story

23 August, 2019 11:23

← Coincheck about to roll out IEO platform dealing with utility tokens

Japan-based Coincheck has expressed intentions to create a platform that will be aimed at an initial exchange offering. The companies will be able to raise funds via utility token trading at the platform.

Coincheck about to roll out IEO platform dealing with utility tokens

Next story

22 August, 2019 11:06

Gemini becomes available in Australia →

The cryptocurrency trading platform Gemini run by the Winklevoss twins have reportedly expanded its services to Australia. Gemini has become available in 7 countries apart from the USA. Along with Australia, the list includes the UK, Canada, Singapore, Hong Kong, South Korea, Puerto Rico.

Gemini becomes available in Australia
Write a comment
 
Prove you’re not a bot + 14 = 19