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.
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