Bitcoiniststartup takes rbi to court over its cryptocurrency ban
There is an upsurge in the cryptocurrency trading volume in India. As a result, crypto stakeholders remain confident that the market will continue to flourish even after the ban officially takes effect in July Crypto prices and daily trading volumes have increased in the aftermath of the RBI ban.
Bitcoiniststartup takes rbi to court over its cryptocurrency ban average crypto trading volume in the country has also increased. There is a reported influx of traders looking to take advantage of the three-month grace period before the ban takes effect. By doing so, these investors can acquire cryptos while banks are still offering support for crypto transactions. When the RBI directive comes into force, these investors will still have the option of trading their cryptos on private trading platforms.
RBI Headquarters in Mumbai. There is a positive sentiment in the industry that the government will not ban trading in cryptocurrencies, and even if formal banking channels cannot be used, people can move to crypto-crypto trading platforms. The Indian government, as well as the RBI, have traditionally not been keen on cryptos.
The RBI has always tried to educate investors on the dangers of the cryptocurrency market. The bank recently banned all commercial banks and regulated lenders from facilitating crypto transactions. A startup company has challenged the constitutionality of the RBI ban and taken the apex bank to court. Investors in the country, however, are hoping that the government takes a measured bitcoiniststartup takes rbi to court over its cryptocurrency ban to crypto regulations.
There are reports that a joint committee of the RBI, the finance ministry, and financial regulators are developing a cryptocurrency regulatory framework for the country. Will the crypto trading volume in India continue to increase or will the RBI ban cause the market to decline? Let us know in the comment section below. Arun Jaitley, Minister Investors in the country, however, are hoping that the government takes a measured approach to crypto regulations.
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