The Reserve Bank of India enforces Supreme Court regulations on encryption

The Reserve Bank of India (RBI), the country's central bank, recently According to the Court of Cbadation, the RBI, through senior counsel Shyam Divan, pleaded in a court led by Chief Justice Dipak Misra that the cryptocurrencies were cryptocurrencies. are necessary because it is a "particular means" that "encourages illegal transactions" and affects the "international flow of funds".

Earlier this year, the Indian government created, through the Ministry of Finance, a cryptocurrency scene of the country. The interdisciplinary committee led by Subhash Garg, the ministry's economic affairs secretary, has not yet reported on potential encryption regulations.

In April, the RBI ordered all local financial institutions to bring their banking relationships. with companies related to cryptocurrency for an end citing high risks. In July, the Supreme Court upheld the central bank's decision, effectively banning crypto-activity.

A petition asking the central bank to reconsider its decision has collected more than 22,000 signatures, but the ban has progressed. This decision was a blow to the companies in the sector and after a grace period of three months, the ban came into effect.

The Indian Supreme Court has now postponed a final hearing on the ban of RBI until September 11, after Gopal Subramanium, appearing for the petitioners, argued that the RBI's decision was "unfounded" ". According to Financial Express,

In the world of today 's technology, transactions are done online and you need banks. The central bank movement has rallied the cryptocurrency community, to the point of becoming an eccentric pioneer of cybersecurity and the bitcoin bull John McAfee has asked him to "stand up and act" against the RBI While reacting to a piece by the press office, various public interest litigation (PIL) – used to "raise issues of public interest" – challenging RBI's decision have been filed on the # "Ban"

Earlier this month, a local news channel revealed that India would not ban cryptocurrencies, but would instead qualify them as commodities.