India Central Bank Given 2 Weeks to Clarify Crypto Ban to Supreme Court

Asia Blockchain Review
August 28, 2019

The Supreme Court of India has ordered the country’s central bank, the Reserve Bank of India (RBI), to clarify its decision to enforce a cryptocurrency business ban within two weeks, as well as address those who have expressed concern over the action.

According to Cointelegraph, India’s Supreme Court has lambasted RBI over the matter and called for an explanation within two weeks, shooting down an initial reply that the ban is being considered by the Indian government.

Supreme Court Perturbed by RBI Response

In July 2018, the Indian central bank announced that it was forbidding banks in the country from serving crypto-related businesses and entities, including cryptocurrency exchanges.  The decision suspended all cryptocurrency activity in the nation and stopped several platforms.

Following a hearing concerning RBI actions, the Supreme Court ruled that bank officials failed to appropriately respond to concerns voiced by the industry.  Supreme Court Justice Rohinton Fali Nariman sternly chastised the bank with Crypto Kanoon, an advisory present for the hearings, tweeting that the judge called RBI’s response that it had forwarded the matter to the government “not an answer”. 

Ongoing Efforts to Bar Crypto from India

Calling the development an “unpredictable turn”, Crypto Kanoon said RBI agreed to Justice Nariman’s decision to defer the case for two weeks and return with an acceptable response.

Nonetheless, Cointelegraph noted the Indian government has continued to entertain regulations which would keep cryptocurrencies away from the Indian public, including barring all tokens except for an official digital rupee. It also cited a report estimating that the country could lose out on a US$13 billion market if such a ban were to take effect.

Source: cointelegraph.com


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