In the morning this morning, a petition was filed against the circular of the Reserve Bank of India for banking restrictions of cryptrocessing companies. The court had on April 6 refused to stay against the RBI circular, which had banned the cryptrocrasion exchanges from the banking account and according to Cryptokanun, the case was listed for the final verdict on September 11.

India's Cryptocurrency Banking Ban Hearing

The Reserve Bank of India issued a circular on 6th April 2018 which asked all regulated banks to close their relations with businesses that are doing business in cryptrocessing. Many petitions were filed against the circular, all of whom were told in the Supreme Court. The first hearing took place on July 5, where the Supreme Court refused to provide a permanent order against the circular and gave 7 days to the Reserve Bank of India to respond to the reasons for the ban. The next hearing will be on July 20, i.e. today After a week, the Reserve Bank of India responded in response to investors' security reasons.

The July 20 hearing took place this morning. Limited arguments from IAMI and RBI were advanced. Representing Mr. Gopal Subramanyam, IAMI, senior advocate submitted that in the world of digitization, such circular would be damaged by the RBI. Since SEBI and some others have not filed their response to the petition seeking a petition, the court has instructed them to complete the petition. The last logic will be heard on September 11.

Conclusion

This decision has not come as a relief to the exchanges. who have already closed deposits and withdrawals or are shutting them in the coming weeks. The next hearing of September 11 will be the Decision Day for the Indian Cryptocurrency Community. Tell us how you feel about this decision in the comments below.

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