11 Sept the supreme court will begin the hearings in the case between virtual money exchanges and the reserve bank of india at the end of the arguments it will be known if the exchanges will get any reprieve from the banking regulator crackdown
in april the RBI directed lenders to wind down all business dealings with cryptocurrency exchange and traders within three months
after the deadline of july 06 and the once booming industry has suffered badly since then for instance unocoin a bengaluru based cryptocurrency exchange has seen the average monthly transacting on its website dwindle from a peak of over 200000 traders to merely 20000 in the months following the crackdown
Besides the RBI the narendra modi government market regulator securities and exchange board of india the enforcement directorate and the income tax department too are parties to the case filed bh the exchanges
