We’ve already stated in our recent post also that India has been the predominant country for FinTech innovation. On the contrary, contradictory cryptocurrencies perspective appears to be a downright adverse approach in this regard. Yes, we are talking about Indian central bank, Reserve bank of India that had barred banks from dealing in cryptocurrencies back in April, the RBI through its notice titled ‘Prohibition on dealing in Virtual Currencies’, mandated banks, e-wallets, and payment gateway providers to withdraw support for cryptocurrency exchanges and other businesses dealing with VCs in India.

While investors rushed to square off positions and sought after advice on taxation before

Based a petition lodged by an Ahmedabad-based cryptocurrency exchange CoinRecoil (Kali Digital Eco-Systems Pvt Ltd), the Delhi High Court issued a notice to Reserve Bank of India, the Union of India through Secretary, Ministry of Finance and GST Council.

Whether or not it will stand, is a different matter altogether. But when cryptocurrency space is a booming thing if you consider industry lifecycle, isolating an entire nation from such avenue would not be appreciable and is not perceived as the most suggestible course of action at this time.

In addition to that, according to Indian advocates, the Supreme Court of India rebuffed the appeal for a momentary injunction against restrictions imposed on banks regarding cryptocurrency by the country’s central bank. What is rather interesting now is how a Supreme Court hearing would be scheduled for July 20th. The Supreme Court during this hearing would define whether or not the choice of banning bitcoin by the Indian central bank is just. There has been the dicey allegation that there is no official research, the biased verdict is subject to a lot of speculation.

The Indian Supreme Court has now agreed to review a petition against the RBI ban earlier than expected, resetting the hearing for July 3rd, as per the sources of Department of Economic Affairs, Ministry of Finance, Government of India. The hearing was at the first instance scheduled on July 20th. However, the review is now set to take place on July 3rd, as said by Kunal Barcha, co-founder, and director of Coinrecoil, Kali Digital Eco-Systems.

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