Supreme Court of India has reprove Reserve Bank of India over its handling of a cryptocurrency banking ban and ordered it to address exchanges complaints.
Reserve Bank of India has not properly responded to complaints - Hon. Mr. Justice Nariman
In today's hearing on Aug. 21, the court said that officials had not appropriately responded to concerns from the cryptocurrency industry in India about its crypto banking ban.
In July 2018, The Reserve Bank of India had instructed banks to stop giving services to crypto exchanges or anyone who is dealing in cryptocurrency.
Crypto Kanoon was giving live update from the Supreme Court, which was present at the hearing, Justice Nariman gave two weeks time to Indian Central Bank RBI to justify its actions.
According to one of the tweet by Crypto Kanoon:
“Now justice Nariman questions RBI why you have not properly responded to the representation. You just said that we are forwarding to Govt. Angrily says this is not an answer,”
RBI agrees to two weeks deadline. Now the next date for hearing as per the latest update is on 25th Sep. 2019.
Disclaimer & Suggestion : Please always do your due diligence before investing in any cryptocurrency or project. This should not be treated as financial advice.