The fate of crypto currencies is now in hands of India's Apex Court to be decided by today.
On April this year Reserve Bank of India 'RBI' which is the central bank of india had released a press release prohibiting all the financial institution to withdraw all the services from entities dealing with virtual currencies like bitcoin & ethereum with immediate effect.
This decision of RBI hampered the whole crypto community of india since they no longer had the access to direct trade with exchanges in crypto/fiat pairs.
However, later Indian exchanges came up with loopholes like P2P & crypto/crypto pair trades.
Blockchain and crypto enthusiasts later united and filed a writ petition against the RBI, since the banking ban violates the law of Indian constitution under, Article 19 (1) (g), which allows the citizens to carry out any occupation, trade or business;
And Article 14, which prohibits discrimination between equals.
After receiving multiple writ petitions from Exchanges and individuals the H'nble Supreme Court of india directed the RBI & SEBI (Securities and Exchange Board of India) to come up with relevant regulations within a given timeframe.
Compiling all the petitions the SC has decided to the judgement by 11th September 2018.
Henceforth 11th Sept'18 i.e. today is very important day for Indian crypto community where the future of crypto currencies is in the hands of court house.
Stay tuned for the final verdict by the end of the day.
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