Sequel to the crypto banking ban by the central bank of India, there have been petitions, the Supreme court of India is all set to hear the petition. It has placed a demand on the Indian government to produce crypto rules and regulations to enable it to make a ruling on the existing cases.
On the 6th of April, 2018, the Reserve Bank of India, issued a circular banning regulated financial institutions from rendering services to individuals and business customers dealing with cryptocurrencies. The ban took effect from July resulting in the closure of crypto exchanges bank accounts and filling of so many petitions demanding the lifting of the ban.
Since the ban, there have been so many postponements on the hearing of the case, specifically in 2018, the case was delayed several times. Though a new date was set for the middle of February, it was postponed again because the court is tied up with other matters during the week.
The ban on crypto activities has slowed down businesses, miners are forced to look for alternatives. Uncertain regulations and ban have destabilized the advancement of cryptocurrency and blockchain based businesses. But the court ruling will likely reshape things and bring life back to cryptocurrency space in India.
Banning crypto activities in the banks increased the launching of exchange-escrowed peer-2-peer services in India.