Hey Guys,
Today I am back with another news which might sound really interesting for the Indian Crypto Community!
I am pretty sure that you already got the idea of it by reading the title of the post!
So let's get in more detailed with this news..
We all know that In April,2018 India's central bank, the Reserve Bank of India declared that it will stop providing banking services such as depositing and withdrawing money to buissnesses or persons dealing with crypto currencies due to high risk and fraud possibilities. RBI also gave a deadline of 3 months to all the people involved in crypto currencies to withdraw their money to their bank account.
When this news entered in the market, people started panicking and started selling their Bitcoins as soon as possible no matter at what price they are selling, there was a situation of panic everywhere. As a result the price of Bitcoin even got dumped to 3000$ at Zebpay (India's one of the biggest cryptocurrency exchange).
Then some experienced people came forward and asked the people to relax as it is not the end of crypto currencies for them, even if Bitcoin gets banned in India, there are many other ways to exchange your Bitcoin into rupees.
Therefore, Indian crypto community unitedly opposed this decision of RBI against the cryptocurrencies by signing an online petition to reverse the ban on cryptocurrencies which got over 44,000 signatures. And as a result 'The Supreme Court of India' heard the crypto petition and started looking after the matter. In May only , India's Supreme Court ordered that no petitions regarding RBI decision of banning cryptocurrencies can be filed in any Indian High Court.
And till now as expected, Supreme Court is giving dates after dates for hearing. But now , a good news is coming that India's central bank, The Reserve Bank Of India has urged Supreme Court of India to regulate cryptocurrencies. It is a really good news as it can make crypto currencies legal in India and if that happens all the Indian users will be able to trade cryptocurrencies without any fear of losing their money or anything.
If you want to know more about this news, be sure to check this link!!
https://cointelegraph.com/news/reserve-bank-of-india-urges-supreme-court-to-regulate-crypto
Hope you enjoyed reading my post!
What are your thoughts regarding the RBI ban on cryptocurrencies in India?
Comment me below!!
