April 18, 2021

India’s Supreme Court again refused to lift restrictions imposed …

India’s Supreme Court again refused to lift restrictions imposed by the Central Bank on cryptocurrency activities

India’s Supreme Court held a retrial this Friday over the country’s central bank’s restrictions on crypto-related activities of regulated financial institutions. According to the Twitter account Crypto Kanoon, which monitors cryptocurrency regulation in India, the request to overturn the central bank’s decision was not granted. The court motivated this by the fact that the participants in the process did not provide sufficient comments to make a decision.

All interested participants can send their comments within four weeks before the final meeting, which is scheduled for September 11.

The Supreme Court of India again refused to lift restrictions imposed by the Central Bank on cryptocurrency activities ...

The first session on this issue in the Supreme Court took place on 3 July. Then the court refused to lift the restrictions of the Reserve Bank of India, presented by it on April 5 and entered into force on July 5. At the same time, Zebpay, India’s largest cryptocurrency exchange, stopped processing fiat currency transactions..

Subsequently, the bitcoin rate on Zebpay deviated from the OTC average by $ 700, and Quartz, citing a high-ranking official, said that the government was working on the issue of legalizing cryptocurrencies.

India's Supreme Court again refused to lift restrictions imposed by the Central Bank on cryptocurrency activities ...

“I don’t think anyone is seriously thinking about banning cryptocurrencies. The problem is with the regulation of trade, and we need to know where the money is coming from. If we legalize them as an exchange commodity, we can better regulate trade, ”the official said..

According to some commentators, the next postponement of the final decision is due to the fact that the government has not yet completed the development of the corresponding regulation..

The Supreme Court of India again refused to lift restrictions imposed by the Central Bank on cryptocurrency activities ...

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