The Indian Supreme Court Heard one petition against the crypto banking
ban by the country's central bank today. However, the court did not grant
a stsy and the ban is set to proceed as planned, prompting crypto
exchange in the country ta start implementing their solution for nanking
alternatives.
NO STAY GRANTED BY SUPREME COURT
The Supreme Court of India heard one petition against the crypto banking
ban imposed by the Reserve Bank of India (IAMAI) whose members include
major crypto exchanges in the country such as Unocoin, Zebpay and Wazirx.
The central bank issued a circular on April 6, banning from all financial
instiutions under its countrol from servicing cryptocurrency companies.
The ban is set to take effect on July 5th. A number of industry
participants have petitioned against the ban. Other then the petition
by IAMAI, there are four other petitions which the Supreme Court
will hear on July 20.
Wazirx's founder and CEO, Nischal Shetty, shared after Tuesday's hearing
that the supreme Court did not grant a stsy on RBI"s crypto banking ban.
The IAMAI petition will now be heard along with the restof the petitions on
July 20. "All eyes are on 20th now," he emphasized, elaborating:
RBI's Ban Effective july 5-What Will Banks Do?
Prior to Tuesday's hearing, industry participants were hopeful that the
court may
grant a stay on the RBI ban. Nonetheless, major crypto exchange in the
country have been trying to find banking alternatives.
Wazirx is preparing to launch a P2P crypto transfer service to
allow its custombers to buy and sell crypto through its
escorw service, bypassing the RBI ban. Shetty told that the
new service will launch when stop providing services to
crypto exchange. He detailed:
Crypto exchange Koinex is also preparing to launch their own P2P
network called Loop. The exchange has already launched a
crypto-to-crypto trading platform, as did Unocoin and Zebpay.
Unocoin CEO and co-founder, Sathvik Vishwanath, also told last week that
his exchange is working on banking alternatives. "Due to the RBI's recent
notifidcation on "Prohibition on dealing in Virtual Currencies".
our banking relationships are likely to be disrupted on or befour July
5th, 2018. We are process of deploying new mechanisma for INR deposits
and withdrawals, his exchange announced.
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