Court Says India's Crypto Exchange Bank Account Ban Will Continue
India’s highest court has declined to end a ban on the country's crypto exchanges form doing business with regulated financial firms.
Bloomberg reported Tuesday that the Indian Supreme Court, led by Chief Justice Dipak Misra, said that the Reserve Bank of India's (RBI) prohibition on providing services to crypto-related businesses will "remain implemented.”
This announcement will continue the ban announced in April 2018, when the RBI said that financial institutions would not be allowed to work with exchanges or related firms. It gave the banks three months to exit that market, making July 6 as the official start date for the ban.
The RBI claimed during the hearing that cryptocurrencies, including bitcoin, cannot be treated as currency in India as the country's law requires coins "to be made of metal or existing in physical form and stamped by the government.’
Look at China, they ban crypto there is still OTC(over the counter) for bitcoin. I believe the same will happen in India.
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