According to a team of indian lawyers, the supreme Court of india has refused the request for a temporary injunction against the restrictions imposed on the banks concerning the crypto-currency. The central bank of India (RBI) has issued a circular prohibiting mainly services to exchange of digital currency. This ban will be maintained until the making of a new decision.
India continues to ban the crypto-currency
Crypto Kanoon is a law firm operating in the field of crypto-currencies. These have been particularly vigilant regarding the indian central bank and its recent circular asking the banks to close all accounts and specialized companies in the virtual currency. Thanks to a petition challenging the prohibition of the RBI, investors hoped this week to the relief of this repression. As an interim measure used by most of the courts is to put an end to a particularly controversial until a final decision can be taken.
If you missed the announcement, here are the details in English :
And it was precisely this alternative that the advocates of crypto-currencies hoped to be followed during the examination of the petition. They wanted, in effect, allow banks to continue to serve the customers as they had done before the prohibition of the RBI. The supreme Court however, refused to grant a preliminary injunction. It empowers the RBI to prohibit the crypto-currency in the banks.
The community crypto indian does not agree with this decision
Dwaipayan Bhowmik has been the initiator of a petition asking the government to regulate crypto-currencies such as Bitcoin. The regional media have suggested that Mr. Bhowmik wanted to prevent financial crimes such as money laundering.
The peculiarity of this type of judicial proceedings is to allow the petitioners to appeal as a whole. The community crypto hopes for the establishment of a regulatory. For the moment, the indian supreme Court maintains a ban on encryption services of the banks. This announcement comes at a time when other countries such as South Korea want to develop a regulatory framework.
Source : NewsBitcoin