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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

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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

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