India’s crypto space to stay in limbo much longer as Supreme Court delays hearing again
|- Crypto uncertainty in India continues following case postponement to July.
- RBI ban on crypto services continues to cripple crypto related businesses in India.
The court case involving the Indian cryptocurrency exchanges and the country’s central bank, the Reserve Bank of India (RBI) has dragged to the ninth month now. Despite the long period, crypto related businesses are likely to wait longer for a conclusion.
This is because the Supreme Court of India postponed the hearing of the case to a later date in July. The recent delay brings the total number of delays to six. The extension means that the ban imposed by RBI will continue. Lack of banking services has raised operational costs for cryptocurrencies exchanges. In fact, several exchanges have had to shut down citing unviable business structure due to lack of banking services.
Investors and crypto exchanges in India believe that the hearing in July will run its due course and a conclusion will be reached where the ban is lifted.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.