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India has been the predominant country for FinTech innovation. But on the contrary, conflicting cryptocurrencies appears to be a downright adverse approach in this regard. Indian central bank, Reserve bank of India 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 the July-end deadline.
Simultaneously, 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 this perspective, the Delhi High Court has notified the RBI after an appeal was filed to scrap a notification that barred banks from supporting bitcoin-related transactions.
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 on 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 have been the dicey allegation that there is no official research, the biased verdict is subject to a lot of speculation.
Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards -84 levels (which is bearish) while USD spot flashes at -61 (bearish ahead of today’s US retail sales data announcement) while articulating at 11:27 GMT.
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex
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