Well, the long awaited moment for all the Indian crypto traders/investors has come and unfortunately it is not in their favor. On 3rd July 2018, a hearing was set in Supreme Court regarding the crypto-fiat banking ban posed by RBI in April 2018. This hearing has to everything with the future of cryptocurrency use/trading in India.
Supreme Court of India has refused to lift the crypto-fiat banking ban in India until further notice.
Yes, the long awaited moment has come and it is not what we think it would be.
In April 2018, RBI jolted all the commercial banks which are providing services to any crypto related business and given them 3-month grace period to settle all of their crypto transactions. That 3-month grace period will be ending on 5th July.
All the crypto exchanges dragged Reserve Bank in Supreme Court for its diktat decision on the future of cryptocurrencies in India. People were hoping for a good news to come from 3rd July Supreme Court hearing but contrary to their hopes, Supreme Court decided against their hopes.
Now, people are panicking in India and rushing to crypto exchanges to sell off their crypto holding as a few days are still remaining before the commercial banks will sever their ties with crypto exchanges.
The next hearing will be on 20th July 2018 and until that the crypto dealings future will remain uncertain in India.
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