Crypto Banned in India

Sumaiya Naaz
Sep 3, 2018 · 1 min read

The Supreme court of India refused to abolish a ban laid by the Reserve Bank Of India (RBI) on making transactions via cryptocurrencies. This would censor cryptocurrencies in the country.

India is the third largest economy in Asia.

Bitcoin cannot be treated as currency under India’s existing law, It imposes that currency used as a medium of exchange must be made either from metal or exist in a physical form and needs to be stamped by the government said the RBI during the court hearing.

The court was headed by Chief Justice Dipak Misra, who said that the ban on banks and other financial institutions providing any services related to cryptocurrencies will remain implemented, Bloomberg reported. Initially, all institutions were given three months to cease such operations, effective from April 6th.. Read more.. https://www.digixhub.com/crypto-banned-in-india/