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India: RBI could lift the cryptocurrency trading ban

India: RBI could lift the cryptocurrency trading ban
Eren SengezerEren SengezerFXStreet

In early April, the Reserve Bank of India published statement titled 'Prohibition on dealing in virtual currencies,' which forced commercial banks, e-wallet providers, and payment services to withdraw their support for cryptocurrency transactions. 

Following this development, cryptocurrency exchanges applied to the Supreme Court to overrule this decision and a hearing was scheduled for July 20. 

According to India Times, a panel formed by the government does not agree that a ban is the right solution. "The government panel is not in favor of banning cryptocurrency and may suggest cryptocurrency with riders," the news outlet reported.

Author

Eren Sengezer

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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