Real-time
crypto news

Supreme Court’s Decision on RBI’s Restrictions May Push Crypto Industry Towards a P2P Model

Published 1 year ago by Mark Alcala

Supreme Court’s Decision on RBI’s Restrictions May Push Crypto Industry Towards a P2P Model

blokt via blokt.com

India’s top court just dealt a major blow to the cryptocurrency industry in the country. The nation’s crypto community was stunned when the Supreme Court refused to overturn the Reserve Bank of India’s (RBI) ban, which barred all financial institutions it regulates from dealing with cryptocurrencies. India’s Supreme Court refused to overturn RBI’s restriction on financial institutions from dealing in cryptocurrencies.

According to Bloomberg, the top court’s action basically means that cryptocurrency is now virtually outlawed in India. The Reserve Bank of India issued a circular on April 6, which prohibits financial institutions, banks and other entities regulated by the RBI “from providing any services related to virtual currencies.” This prompted crypto exchanges and firms to initiate legal action against RBI’s ban.

In response to the Supreme Court’s decision, Singapore-based app wallet Zebpay announced to clients that they would no longer be able to make Indian Rupee withdrawals and deposits. However, it appears that the firm is still hopeful that the situation might be satisfactorily solved in the future judging by its message to clients which read: Meanwhile, seasoned crypto traders are not too concerned with Supreme Court’s decision as they remain confident that their operations will not be affected as it will only affect Rupee transactions. Trader Avinash Baboo stated: Simply put, RBI’s ban may just push the country’s crypto industry towards a P2P exchange model where buyers and sellers will deal with each other directly with the exchange acting as an escrow. Coin spectator is an automated news aggregation service. All copyrights belong to their respective owners. Images and text owned by copyright holders are used in reference to and promotion of those respective parties. Read in Full

Tech Mahindra Eyeing a Blockchain Center for Its R&D Arm

Indian IT giant Tech Mahindra will be using blockchain technology to create innovative enterprise-grade solutions for its global customer base. As per Bloomberg Quint, the company will set up a blockc ... Read More

Member of Parliament Urges UK to Embrace Blockchain After Highlighting Its Benefits

A British MP is urging the U.K. government to embrace blockchain after detailing its benefits and highlighting how it could “empower individuals.” Walsall MP Eddie Hughes has gone all-out in his detai ... Read More

Cryptocurrency Mining Sparks Both Hope and Ire in Iceland

Cryptocurrency mining has quite an iffy reputation in Iceland as it’s a source of both pain and joy of the local community. Iceland has become a haven for Bitcoin mining due to their favorably cool cl ... Read More

FSA Denies Plans to Make Changes to Regulations Governing Cryptocurrency Exchanges

Japan’s Financial Services Agency (FSA) finally refuted recent reports stating that it plans to make some changes to existing cryptocurrency regulations. The FSA is the government agency responsible f ... Read More

Financial Warrant System for Blockchain to Be Set Up by Eight Major European Financial Institutions

News surfaced of a major collaboration between several European banks and regulators that would use blockchain technology to issue financial warrants. The system, called Fast Track Listing, would allo ... Read More