The Reserve Bank of India (RBI) was banned. Today, the Supreme Court of India should have heard the petition against the ban on crypto banking.
The RBI on April 6 announced the ban for the cryptocurrency companies and gave them three months to close the business. The much anticipated verdict on the petition has been rescheduled for September 11.
On December 7, 2018, the Indian government created a committee which recommended full restriction on crypto. The Right to Information (RTI) form was presented to the government.
After waiting for more than 6 weeks, RTI was answered. This RBI crypto ban came into effect on July 5, where all banking and INR support for the crypto-related business was removed, and it had to move several exchanges to a crypto-to-crypto couple.
However, it seems that the feeling has shifted towards heavy regulation or towards the total restriction of crypto, only time will tell. India is constantly changing its position on cryptocurrency. No report was given in its report; the reason for this is to finalize the report of the committee.