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RE: Supreme Court of India Refuses Stay on RBI's Circular—Banking Services Ban Remains!

in #india7 years ago

Hi Kay! Basically the central bank of India has banned any bank regulated by it to provide banking services to crypto-exchanges in India. This means we cannot buy or sell via Indian exchanges anymore to convert crypto into Rupees and vice versa. Banks can render services until 5th of July and then these exchanges won't have a working bank a/c anymore as per the current mandate. Supreme court has refused to stop this mandate from going into effect from 5th July for now.

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Oh, wow. That really is terrible news. Wish I had more to say.. but.. just awful for all of our Indian friends here and beyond! I hope it can turn around in time.