No halt against RBI’s directive on cryptos

The much speculated decision about the future of crypto currency came in today and the judgement was nothing more than a setback for thousands of crypto-currency enthusiast across India.

In a decision taken by the Hon’ble Supreme Court of India, for a petition filed by IAMAI (Internet and Mobile Association of India), a temporary stay was refused against RBI’s sanctions for disrupting banking services to crypto-currency firms.

The petition which was filed by the conglomerate of various crypto-currency companies operating in India, demanded a stay order against the Reserve Bank’s directive where the central bank refrained the major banks of the country from granting any sort banking related services to these crypto-currency firms. This also resulted in a wide spread FUD amongst the investors across the country who were left unsure about future of virtual currencies in India.

However, this very decision should not be taken as complete ban on crypto because the case is still going on and the next hearing is scheduled on 20th July 2018.

On the contrary, as said by Subhash Chandra Garg, Secretary of Department of Economic Affairs, who is also in-charge of the Government formed committee for analysing crypto-currencies and it’s usage in the country said that the concerned team has almost completed framing guidelines for trading crypto-currencies in India and will soon be announced.

But till any such draft is officially announced we would surely advice the investors to refrain from falling against hoax updates and have faith in the judiciary system of our country.