March 4, 2024

Indian Supreme Court adjourned cryptocurrency ban hearing in country

The Supreme Court of India has postponed the hearing on the revision of the ban on the service of cryptocurrency companies tothe country that was introduced in April of this year. The next hearing will be on November 19th.

In April of this year, the Reserve Bank of India (RBI)forbade banks and financial institutions to provide services to companies working with cryptocurrencies. The Delhi High Court then criticized the country's Central Bank, and the Supreme Court upheld the criticism, saying in August that this decision should be worked out and it was necessary to review it.

It should be noted that initially the Supreme Court of India adjourned the hearing to November 12, but during this period there are national holidays in India, so the deadline was postponed for another week, until November 19.

Due to the ban on cryptocurrency servicescompanies in India even have funny situations - the police, having confiscated $ 1.2 million in bitcoins, lost access to funds, as the bank blocked the account.

It is possible that in the near future in India they will generally prohibit the use of cryptocurrencies, and companies and individuals who continue to work with digital assets may be sued.