India: The Major Roadblock Ahead

Indian Central Bank, the Reserve Bank of India’s (RBI) crypto circular, dated April 6 which had given the payment companies and banks, a 3-month window to end their dealings with all the cryptocurrency entities will come to an end on July 5.

As a result, it will be almost impossible for a cryptocurrency exchange, wallet to provide Rupee-to-cryptocurrency transfers and vice versa. And, the Indian crypto community is still not very excited with the crypto-to-crypto tradings.

A number of cryptocurrency exchanges, enthusiasts have already knocked the door of various courts asking for a stay on the circular. However, the Supreme Court of India has now directed the SC Registry to register the mentioned transfer petitions and to issue a notice fixing a returnable date within six weeks.

As the Supreme Court of India has already refused to issue a stay order against the RBI circular, and the next hearing will be on July 20, this simply implies, the Indian cryptocurrency exchanges have hardly any choice left but to shut down their rupee-to-crypto transactions and wait for the Supreme Court’s rulings as well as the Subhash Chandra Garg-led committee report on the regulations on cryptocurrencies in India.