Last week marked the official ban on providing services to cryptocurrency-related businesses by the Reserve Bank of India (RBI). Despite recent attempts to have the ban suspended, the Supreme Court in India, headed by Chief Justice Dipak Misra, ruled that the ban would remain in effect.
The ban was first announced in April 2018, and since then, many cryptocurrency exchanges have been trying to change the RBI's mind. However, on July 3, India's Supreme Court declared that the ban is final and will take effect from July 6, despite Indian companies asking for more time.
“This announcement will do great damage, not only to companies, but also to individuals who hold large amounts of cryptocurrencies. The reason this regulation is being implemented is because all transactions made with cryptocurrencies should be made in cash, or not at all.”
An exchange called Zebpay has already implemented a new message on its page, which states that if a user has already deposited rupees, or plans to deposit soon, they should be aware that they may not be able to withdraw them later.
India's central bank, the RBI, has long been monitoring the movements of cryptocurrency traders, and they fear that with this ban, many will continue trading on the dark web.
In an effort to address the myriad concerns surrounding virtual currencies, the European Union published a major article titled “Virtual Currencies and Central Banks Monetary Policy: Challenges Ahead.”
