The Supreme court of India postponed a hearing on the ban of cryptocurrencies in the country

The Supreme court of India postponed a hearing on the ban of cryptocurrencies in the country

The Supreme court of India postponed a hearing to review the ban on servicing cryptocurrency companies in the country, which was introduced in April this year. The next hearing will be held on November 19.

Recall that in April of this year, the Reserve Bank of India (RBI) banned
banks and financial institutions from providing services to companies working with cryptocurrencies. The Delhi high court then criticized the country’s Central Bank, and the Supreme court upheld the criticism, saying in August that the decision should be worked out and should be reviewed.

Note that initially, the Supreme court of India postponed the hearing to November 12, but during this period, national holidays are held in India, so the deadline was shifted by another week, until November 19.

In connection with the ban on servicing cryptocurrency companies in India, even curious situations occur — the police, who confiscated $1.2 million worth of bitcoins, lost access to funds, as the Bank blocked the account.

It is quite possible that in the near future, India will ban the use of cryptocurrencies altogether, and companies and individuals who continue to work with digital assets may be sued.

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