India’s Supreme Court is currently not willing to remove the ban on crypto services offered by banks. The Reserve Bank of India has passed a circular at the moment which intends to keep the ban in place till a formal hearing takes place.
This ban was recently challenged by Crypto Kanoon. The Crypto Kanoon is an active group of lawyers. This group challenged the ban on crypto services imposed by the Reserve Bank of India.
Now, this ban turned out to be a major blow for all the crytocurrency enthusiasts who were hoping that this ban on banking sector crypto sector will not stay in place for long. The circular that has been issued by the Reserve Bank of India clearly states that currently the bank will not provide any services related to digital currencies.
Plus, the Reserve Bank of India will not facilitate any virtual currency dealings. This means that the cryptocurrency enthusiasts in India will need to show a bit of patience in this regard and will have to wait for the things to take a positive turn. At the moment it seems that the Reserve Bank of India is not willing to make any relaxations in its circular.
Apparently, it seems that the Reserve Bank of India is a bit sceptical about accepting the digital currency at this point of time. This is fairly understandable because digital currency is currently a new concept and it will take people a bit of time to accept this new concept.
The regulations regarding the digital currency also need to be more well-defined so that the financial authorities willingly accept this new niche. At the moment it is not possible to determine the concluding stance of the Reserve Bank of India regarding the digital currencies.
What needs to be mentioned here is that despite the prevalent opposition, the digital currency enthusiasts have decided not to give up on their mission and many are voicing out their concern regarding this ban. Hopefully, things will take a turn for the positive and the Reserve Bank of India might review its circular again the near future.
What digital currency investors need to understand is that digital currency needs to get the required acceptance from the banking sector as well. Otherwise this niche will not be able to excel in the long-run and the investors will also have to face a lot of hurdles in this regard.