The Supreme Court of India upheld the restrictions on cryptocurrency activities

The Supreme Court of India upheld the restrictions on cryptocurrency activities


Today, on July, 3, meeting of the Supreme court of India passed in business about prohibition to the local financial companies on realization of operations with cryptocurrency. On his results limitations are confirmed, Quartz reports.

Prohibition for any financial institutions, including jars, on an operation with cryptocurrency was imposed by the Central bank of India in April, 5, and in force a decision must enter on July, 5. In a circular, published RBI, it was forbidden jars to give an opportunity to the clients to buy cryptocurrency from the bank accounts. In addition, prohibition was entered on the grant services to the companies working in the field cryptocurrencies.

After the publication of  the document county courts the great number complaints and petitions began to enter with a request to abolish this prohibition. In the total at the beginning in May the Supreme court decreed to collect all complaints in one and more not accept similar petitions.

However, on the today’s meeting this blanket complaint a court declined.

As a representative reported legal firm, being interest local cryptocurrency exchanges, market participants tried to get a postponement even on a month.

“One time will be set embargo, any bank transactions for cryptocurrency exchanges and their users will be impossible”, – a lawyer marked.

However, the representatives crypto industry look forward with hope – last week secretary of Indian Ministry of Economy Subhash Chandra Garg confirmed that a government finished off regulatory acts for a cryptocurrency sector. It is expected that such document will be accepted already at the beginning in July.

“We are very near to completion of rough copy [cryptocurrency acts], that will serve for the good to the country. The prepared project we will discuss with the members committee at the beginning in July”, – the Indian official marked.

The next listening during that the representatives the industry again will make an effort contest the decision of the Reserve bank of India is assigned for July, 20.

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