- Crypto uncertainty in India continues following case postponement to July.
- RBI ban on crypto services continues to cripple crypto related businesses in India.
The court case involving the Indian cryptocurrency exchanges and the country’s central bank, the Reserve Bank of India (RBI) has dragged to the ninth month now. Despite the long period, crypto related businesses are likely to wait longer for a conclusion.
This is because the Supreme Court of India postponed the hearing of the case to a later date in July. The recent delay brings the total number of delays to six. The extension means that the ban imposed by RBI will continue. Lack of banking services has raised operational costs for cryptocurrencies exchanges. In fact, several exchanges have had to shut down citing unviable business structure due to lack of banking services.
Investors and crypto exchanges in India believe that the hearing in July will run its due course and a conclusion will be reached where the ban is lifted.
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