The crypto exchanges in India have some serious questions for the RBI and the Indian supreme court is asking the central bank for answers.

The supreme court in India are hearing the case against the crypto banking ban enforced by the RBI. 

Senior Advocate Shyam Divan who is on the council for the central bank continued to defend the RBI's power to issue the ban, citing IMC recommendations and various crypto warnings issued by the central bank.

Justice Nariman has postponed the case for two weeks in order for the RBI to respond in an appropriate manner, which the central bank has agreed to, according to Crypto Kanoon.

In a heated exchange:

The judge interrupts and asks how you [RBI] are concerned with consumer protection, it is not your concern. It is [the] government’s concern and not yours.

Divan then replied saying:

the ability for cryptocurrency to be used for cross-border payments could undermine the country’s monetary policy.

For now, we must wait the two weeks for the RBI to gather their thoughts and present their findings to the court.

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

The reason why BTC/USD dropped $500 in less than one minute

Bitcoin has now basically transformed the previous $10k resistance level into $12k. The first flash crash happened on August 2 with Bitcoin peaking at $12,123 and dropping to $10,518 in minutes. 

More Bitcoin News

XRP/USD is having a tough time staying above $0.30 as selling pressure keeps mounting

Since the initial pullback on August 7, XRP has struggled heavily to go back above $0.30. Just hours ago, XRP bulls finally managed to push the digital asset above $0.30 just before another crash towards $0.285.

More Ripple News

ETC/USD storms towards $7.20 after symmetrical triangle breakout

The pullback in Ethereum Classic (ETC/USD) from $6.8844 appears to have gathered steam this Sunday, as the coin sees a rapid rise to the intraday highs above $7.15. The coin charts symmetrical triangle ...

More Ethereum Classic News

ETH/USD tackles $400 building on weekend stability

Ethereum price brushed shoulders with $400 on Monday after a stable weekend session where the token contained price action above $380.

More Ethereum News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC hit the pause button before a decisive breakthrough

Bitcoin lived through a wild roller-coaster move during the previous weekend. The coin hit the new 2020 high above $12,000 and crashed to $10,500 in a matter of hours. 

Read the weekly forecast

BTC

ETH

XRP