Indian Supreme Court Today Host Final Hearing On RBI’s Crypto Banking Ban
The Indian Supreme Court today is hosting the final hearing of the ongoing case between cryptocurrency exchanges and the central bank concerning the banking ban imposed by Reserve Bank of India (RBI) earlier this year.
The country’s central bank issued a circular on April 6, banning banks from providing services to crypto businesses. The ongoing hearing will allow different players in the market to expose their views on the banking ban that was imposed by the RBI on April 6.
Meanwhile, a number of crypto exchanges operating in the country developed methods to allow users to continue to deposit and withdraw Indian rupees. Among them are Wazirx, Instashift, and Coindcx exchanges which offer services based on the exchange-escrowed peer-to-peer (P2P) model.
On the matter, Wazirx’s CEO, NIschalShetty, commented:
“The SC hearing is not the end of the road but the beginning of the crypto journey in India. If the outcome is positive then it will definitely boost trading volumes. If the outcome is negative I don’t think there would be much impact on the existing trading volumes.”
Despite the banking ban, Shetty revealed that trading has been increasing on Wazirx, largely due to the increase in popularity of the exchange-escrowed P2P service. “Our trading volumes have been growing every week,” he said. “We were pleasantly surprised and overwhelmed by the way users have acclimatized themselves to P2P.”
Rahul Chitale, CEO of Instashift, told the platform
“The ruling will surely have some bearing and the SC’s views will shape a lot of the regulatory thinking, but it’s unlikely to have an immediate tactical impact,” he adds “Crypto will continue to thrive regardless of the government view, like we have seen worldwide. Any ruling which forces the government to precipitate taking a view on this will only benefit crypto in India in the long run.”
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