India’s Supreme Court lifts ban on crypto trading issued by the Reserve Bank of India (RBI) in 2018, stating the circular by RBI was unconstitutional.
Reserve Bank of India's latest Regulatory Sandbox accepts Blockchain and excludes all Crypto-related projects
The Reserve Bank of India has now claimed that their circular does not violate any constitutional rights and that the petition is baseless.
The court has just announced that it will hear the case filed by various petitioners against the RBI’s move to restrict crypto trading in India tomorrow.
Following the crypto-ban issued by the RBI, it has been observed that there is an increase in demand for P2P cryptocurrency trading platforms in the country.
Indian cryptocurrency traders have found creative methods such as Dabba Trading and Hawala Networks to trade cryptocurrencies despite the RBI-issued sanctions.
The final hearing has been moved to 11th September because SEBI, as well as certain cryptocurrency exchanges, are yet to file their response to the petition.
The first cryptocurrency petition was heard by the Supreme Court of India today. However, the decision has come in favour of the RBI.
Dilip Rao, Ripple’s global head of infrastructure innovation has commented that it is likely that the Reserve Bank will be reversing the crypto-ban soon.
A Right to Information query has revealed that the Reserve Bank of India (RBI) issued the April crypto-circular without a proper research
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