India's Central Bank Slammed with a Two Week Crypto Ban UltimatumBy Aug 22, 2019 1 Min Read
A slam has been imposed on India’s central bank by the nation’s supreme court about the manner in which it has prohibited crypto business. This development has been instigated by the presence of several complaints.
In the most recent session of the ‘IAMAI v. RBI’ case, the court has claimed that the Reserve Bank of India (RBI) had not adequately addressed concerns aired by various players in the cryptocurrency sector.
In July 2018, the RBI prohibited banks from offering exchange services to crypto users. As a result, the provision of these services tumbled down.
Justice Rohinton Fali Nariman, a Supreme Court Judge, has criticized the central bank for making such a move.
Part of statement stipulates:
"Exchanges are not asking to uplift the ban, but they are only asking to reconsider. If you don’t give an answer to it, I will pass the judgement."
Notably, Justice Nariman asserted that RBI had not given a concrete response to justify its actions. He, however, gave the bank two weeks to do the same. Justice Nariman has asserted that the concerns raised are substantial.
This unexpected twist in the Supreme Court comes at a time when the Indian government is making advances towards ensuring cryptocurrency usage is not allowed among its citizens.