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RBI’s ban on cryptocurrencies continue momentarily, Supreme Court of India lists matter on September 11th for final disposal

All eyes in the Indian cryptocurrency enthusiasts were on the country’s apex court.

While we reiterate from 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 atleast at this juncture of time.

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.

Amid all these developments, advocate Dwaipayan Bhowmick who filed a petition asking for regulation of cryptocurrencies exclusively told Crypto-News India.

As the hearing of lifting or proceeding with the ban was scheduled for today. For now, the prohibition of the banks for the conversion of digital currencies to Indian Rupee (INR) has to continue. The Supreme Court of India has not lifted the ban off. The further hearing has been scheduled next hearing on 11th September 2018. The issue and the fact matter have been observed by CJI Dipak Misra also along with Justices AM Khanwilkar and DY Chandrachud, all the proceedings should be completed in the next four weeks, as per sources.

Currency Strength Index: FxWirePro's hourly BTC spot index is flashing 130 (which is highly bullish), while hourly USD spot index was at 59 (bullish) while articulating (at 09:02 GMT). For more details on the index, please refer below weblink:

http://www.fxwirepro.com/currencyindex

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