July 5 marked with a No Entry red sign on background of India's flag flapping in the wind

India's Ban on Everything Crypto Is Coming July 5th

Jun 27, 2018, 9:04AM
1 min, 34 sec READ

A complete ban on everything crypto is set to come into effect on July 5 in India, as decided by the country┬┤s Reserve Bank.

Cryptocurrency users in India are enjoying what may be their last days freely exchanging and using their digital assets, as a complete ban on everything crypto is set to come into effect on July 5. The ban comes as the result of a series of sanctions imposed on all forms of cryptocurrency trading in early April by the Reserve Bank of India.

As the three-month window granted by the RBI comes to an end, all banks, as well as any other financial service providers, under its direct regulatory authority, are supposed to end any ongoing relationships with cryptocurrency-related companies. As a direct result of this decision, all banking accounts related to corporate and individual entities dealing in crypto, including wallets and payment apps, will have to be closed by Thursday next week.

There Is Still Hope

Although options are limited and time seems to be running out, there are still glimmers of hope for India´s crypto users. On July 3, the Internet and Mobile Association of India (IAMAI) will have a hearing in the Supreme Court, where it expects to appeal the RBI´s decision, and on July 20, the Supreme Court will also be hearing a joint appeal on the subject of cryptocurrencies.

A negative response to the issue from India´s Supreme Court would deal a killing blow to what could potentially be one of the biggest cryptocurrency markets in the world. It is expected that the Supreme Court will carry a thorough examination of such an abrasive decision, especially after reports that a recent "Right to Information request" filed by the New Delhi-based lawyer Varun Sethi revealed that the trade sanctions by the Reserve Bank Of India were arbitrarily imposed, and were not the product of informed decision making.

 

Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.