The Reserve bank of India (RBI) imposed its guidelines on digital currency issued to all the financial institutes to prohibit crypto transactions. The regulated entities were instructed not to get involved with cryptocurrency exchanges and regulators.
Indian cryptocurrency is about to face the final word from the Supreme Court on the challenging petition filed earlier this year. The battle is about to come to an end that will either put a full stop on crypto trade or will pave a new path for its journey in the Indian market.
According to Financial Express, the virtual currency created a buzz in the market last year during October when one of the most popular cryptocurrency Bitcoin was soaring high. It rose to 4 times of its original value reaching an all-time high of $20,000 which caught the global attention. It was then a lawyer, Dwaipayan Bhowmick, filed a PIL (Public Interest Litigation) to seek regulation on virtual currency. Probably, the problem began right from there.
As the RBI declared its guidelines made the Indian government issued warning on several occasions before imposing the actual ban within the period from December to February.
In fact, Finance minister, Arun Jaitley, clearly stated in the 2018 budget speech that the government does not recognize cryptocurrency as a legal tender. In April this year, the RBI issued the circular to cease all crypto trade activities and relationships.
Final Judgement Of Supreme Court
The matter has been impending in court through several hearings since the day RBI imposed its guidelines. The last hearing was done conducted on September 25, in which RBI remained firm on reiterate about the dismissal crypto coins from the payment system as there are no provisions for such currency in our existing legal system. They are neither money nor currency and hence they cannot be considered as a valid payment system. (Via Business Today)
Stay tuned to find for the more latest update on the judgment of cryptocurrency trade in India.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]