April 2018: The Bank of India instructed lenders to phase out all banking relationships with trading platforms and virtual currency investors within three months. However, it said it is studying the feasibility of these currencies and hinted that it will launch its own digital currency.
Due to the disappointment of the comprehensive ban, various cryptocurrency trading platforms took the central bank to court.
May 2018: The Supreme Court focused on a number of cryptocurrency cases against the Bank of India. Before the end of the summer holiday, the court asked the trading platform to conduct direct negotiations with the central bank on the ban. It also requested Indian Minister of Justice KK Venugopal to attend the next hearing on July 20.
June 2018: From the end of May to the first week of June, the trading platform submitted a detailed representation to the Bank of India on the reasons for the lifting of the ban. They say they are willing to accept more censorship and are willing to be regulated.
At the same time, a lawyer based in New Delhi revealed the Indian central bank's response to the right to know about the ban. The agency said that they did not conduct any research before they attacked these trading platforms, and no banking regulatory body had set up a special research group.
Gag told TV channel ET Now that a draft regulation is in the pipeline and may be completed in early July.
July 2018: Some petitioners applied to the Supreme Court for a stay ban, at least until the next hearing. Their request was rejected.
The ban will take effect today (July 6).