India’s Supreme Court Asks Reserve Bank to Declare Stance on Crypto
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On Thursday, October 25th, the Supreme Court of India requested the Centre to formally declare its stance on cryptocurrency-related transactions in the next weeks.
The nation’s Supreme Court also held hearings for various petitions that had been filed by local digital asset exchanges. These were mainly submitted in response to the reserve bank of India’s (RBI) circular released on April 6th that ordered all local financial institutions to stop offering banking services to those dealing in cryptocurrencies.
Although India’s authorities have not placed a ban on the direct buying and selling of digital currencies, the RBI has taken measures which aim to discourage locals from using them. Due to the reserve bank’s restrictions on cryptos, there was reportedly a significant drop in bitcoin (BTC) trading in the country.
Nakul Dewan, the counsel of nine local crypto asset exchanges, said that the Indian government must give “some finality” to its decision regarding business activity related to cryptocurrencies.
Dewan explained there are currently several legitimate crypto-related companies in India. He added: “We have got employees. There are jobs.” However, the nation’s authorities have still not clarified their stance on the trade of digital assets since when it was first brought to their attention in May.
Shyam Divan, RBI’s senior advocate, said during the hearing that the nation’s reserve bank had been taking measures to discourage Indian citizens from dealing in digital currencies. He also noted that it was basically a policy decision – which the nation’s government should make soon.
As CryptoGlobe reported, India’s IT and business process outsourcing (BPO) agency, Nasscom, had requested that the nation’s residents urgently need clarification regarding cryptocurrency trading in the country.