Indian Supreme Court Requests Central Government’s View On Bitcoin in Next Two Weeks
On 25th October, the Supreme Court of India asked its central government to give their opinion about cryptocurrencies within two weeks. This is the first major action the country’s top court has taken after one-and-a-half months of delay in the proceedings. Earlier this year, the government of India had established a crypto committee to understand this space.
Noticeably, the Supreme Court formerly planned to hear the appeals against the cryptocurrency banking ban inflicted by the country’s central bank, the Reserve Bank of India (RBI), on Sept. 11. Although no ban on trade or exchange of cryptocurrencies is imposed, RBI disinclines the use. The RBI order had practically stopped all trade and exchange of bitcoins and other cryptos.
Indian Crypto Community Refuses To Give Up
The top Indian financial watchdogs issued their infamous ban which prohibited financial institutions from providing services to crypto businesses on April 16th. Just following that, numerous crypto industry proponents filed petitions against the ban.
Various local exchanges have come up with their own solutions to circumvent the banking ban, most popular of it being exchange-escrowed peer-to-peer (P2P) services. Many claim they are witnessing an accelerated increase in trading volumes on their P2P platforms.
Zebpay, the country’s biggest crypto exchange shut their operations in India and set up work in Malta. Maltese government welcomed them with open arms. Their Junior Minister for Financial Services, Digital Economy and Innovation tweeted:
— Silvio Schembri (@SilvioSchembri) October 18, 2018
Another example of relentless push from Indian crypto entrepreneurs is Unocoin launching its INR deposit and withdrawal kiosk. Still, the police seized the machine and arrested two founders of the company, including the CEO.