Special adviser to the Reserve Bank of India Shyam Sofa made in the Supreme court with a speech about the need to regulate local cryptocurrency market to prevent “illegal” transaction in the country. This writes the CCN.
The significance of this statement also said the Prosecutor General of India. According to one local official, bitcoin can get the status of the exchange of goods and, respectively, regulated on a par with traditional financial instruments.
We will remind, in April the Reserve Bank of India banned controlled institutions to provide individuals and companies with services related to digital currencies like bitcoin. In addition, a ban was imposed on transactions to buy cryptocurrencies.
The indignant representatives of the crypto community of India has addressed in court with the requirement to protect the public interest and to abolish the ban.
He Reserve Bank of India has subsequently acknowledged that the imposed constraints, without conducting any research or consultations.
On 20 July, India’s Supreme court again upheld a ban on transactions with cryptocurrencies because of the lack of substantial arguments from the parties and postponed the hearing on 11 September.
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