India Cryptocurrency: September 11 Hearing & Indian Exchanges
On September 11, The Indian supreme court will hear all petitions in opposition to the crypto banking restriction placed by the Reserve Bank of India (RBI). On April 6, RBI issued a circular that banned local banks from providing services to crypto businesses, essentially blocking fiat-crypto trading. The massive crypto community in India has been on edge waiting for this hearing. In the case of restriction being uplifted — a wave of new users are expected to join back in and purchase crypto currencies.
Even with the restriction in place, a number of crypto exchanges operating in the country have developed methods for allowing users to continue to deposit as well as withdraw Indian rupee. P2P solutions that bypass banking services are being employed by these exchanges with growing volume seen over past couple months.
Exchanges like Koinex & WazirX have been seeing growth due to their P2P solutions. The International-liquidity backed exchange Blockverse will open in next few weeks and is currently offering its beta users commission free trading worldwide on release. Visit https://blockverse.io to get in the early access queue.
Furthermore, Indian Officials were recently sent to Japan, UK, Switzerland to study cryptocurrency regulations from these three countries’ financial regulators. They aim to engage with international regulators and gain a deeper understanding of their crypto mechanisms and systems in order to improve its own process.
Sentiment remains that the hearing could be postponed till December. However, the government has claimed this will be the final hearing and will set the stone for cryptocurrency regulations in India. Millions of eyes look to the decision that comes out later today. Stay Tuned.