Today, July 3, held a meeting of the Supreme court of India in the case of banning local financial companies for operations with cryptocurrency. According to its results, the restrictions remain in force, according to Quartz.
Prohibition for all financial institutions, including banks, for operations with cryptocurrency have been imposed by the Central Bank of India 5 April, and because the decision should come July 5. In the circular published by the Central Bank, banks were forbidden to give customers the opportunity to buy cryptocurrency from their Bank accounts. In addition, a ban on the provision of services to companies working in the field of cryptocurrency.
After the publication of the document in the local courts started to receive numerous complaints and petitions with the request to cancel the ban. As a result, in early may, the Supreme court decided to gather all complaints in one and more not to accept such a petition.
However, at this meeting, this collective complaint, the court rejected.
As the representative of the law firm representing the interests of local cryptocurrency exchanges, market participants tried to get a reprieve at least for a month.
“Once the ban is imposed, any banking transactions for the cryptocurrency exchanges and their users will be impossible”, — said the lawyer.
However, representatives of kriptonyte look to the future with hope – last week, Secretary of the Indian Ministry of Economics Subhash Chandra Garg confirmed that the government is finalizing the legal regulations for the cryptocurrency sector. It is expected that this document will be in early July.
“We are very close to completing the first draft [of cryptocurrency acts], which will benefit the country. Prepared the project we will discuss with Committee members at the beginning of July,” — said the Indian official.
Following a hearing, which industry representatives will again try to challenge the decision of the Reserve Bank of India appointed on July 20.