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Supreme Court’s Order on Cryptocurrency Out

In India, Cryptocurrency has been a cause of disagreement for some time now; reason being, it is a digital currency (does not have a link with common banking terms and conditions) that may influence usual currencies big time. Hence, RBI (or Reserve Bank of India, the Central Banking Institution in the country) had put up restrictions on usage of cryptos. It seems, however, that the Supreme Court is thinking otherwise because it has declined to give any sort of relief to restrictions laid down by Reserve Bank of India.

RBI had earlier issued circular stating similar aspect; even Rashmi Deshpande, an Advocate Associate Partner at Khaitan and Co. agreed to it by saying that restrictions to cryptocurrency usage shall come in to effect from 6th of July 2018.

As per rules (read restrictions) transactions based on cryptocurrency have to be done only in cash and there is no other way out. Such a decision is going to definitely affect Cryptocurrency Holders; hence as an investor or cryptocurrency holder, you had better keep an eye on changes or new regulations coming up.

The Other Side

Like, a coin has two sides, similar is the case for cryptocurrency as there are some countries in the world, which have not only given an okay but also legalized usage of cryptocurrency. It is now to see what would be the take of Supreme Court, the Highest Constitutional Court in the Republic of India and Reserve Bank of India on Cryptocurrency in the country.

Till then stay tuned for more updates on the status of Cryptocurrency: Legal or Illegal at: http://coinwolf.info/

 

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