In April of this year, the RBI announced it will stop providing services to businesses or persons dealing with cryptocurrencies, citing high risks.
The April crypto-dealing ban received backlash from the Indian crypto community, including an online petition to reverse the ban that garnered over 44,000 signatures. In May, India’s Supreme Court decided not to grant an interim injunction against the RBI ban sought by eleven crypto-related businesses.
The senior advocate explained that an interdisciplinary committee headed by secretary of economic affairs, Subhash Garg, set up in 2017 in order to develop the regulatory framework for cryptocurrencies, is examining the issue. The RBI will require three weeks to respond to multiple petitions on the regulations.
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