India’s Central Bank Given A Fortnight To Justify Crypto Situation
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India’s outlook on crypto is less than favourable. It’s been known for a while now that India basically hates cryptocurrency but now, the Supreme Court in the country has slammed its central bank over how it dealt with the crypto situation and has even ordered it to address the complaints.
In an ongoing hearing into the actions of the Reserve Bank of India (RBI) on 21st August, the court ruled that officials had not correctly responded to the concerns from the cryptocurrency industry over its actions.
In July last year, the reserve bank banned other banks from servicing crypto operators like exchanges. This essentially prevented these kinds of platforms from continuing to operate in the nation.
Earlier this week, the movement came in for severe criticism from Supreme Court Justice Rohinton Fali Nariman.
One news analyst on Twitter, Crypto Kanoon summarised the situation as they were present at the aforementioned hearing, basically saying that Nariman gave the reserve bank a fortnight to justify its actions.
One Twitter update from Crypto Kanoon stated:
“Now justice Nariman questions RBI why you have not properly responded to the representation. You just said that we are forwarding to Govt. Angrily says this is not an answer.”
The hearing is now over but in discussing its final outcome, Crypto Kanoon said:
“Case takes the most unlredictable turn. Justice Nariman directs that RBI must respond to the representation in the manner appropriate. Offers to defer the case for 2 weeks as part heard, let the answer come on reconsideration of banking ban by RBI. RBI has agreed.”
At the same time as this case, the Indian government has been looking into making cryptocurrency illegal for all Indians. In July, a government committee recommended Delhi moves to ban all digital tokens aside from an official digital version of the nations fiat currency, the rupee.
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!