|Jul 11, 2018 02:49 PM||By: John Patrick Mullin | 4818 Views|
On July 3, the Supreme Court of India dealt a setback to the cryptocurrency community in India when it supported the Reserve Bank of India’s directive instructing banks to stop serving with cryptocurrency exchanges based outside of India.
RBI Update: IAMAI received the response from RBI as directed by SC, the response is generic with the same language as the public circulars.— Sohail Merchant (@inkparadox) July 11, 2018
They have not even given deliberate thoughts to the points made by us, all the basis of their arguments is "Investor Protection".
The petition was filed by the IAMAI (Internet and Mobile Association of India) in April after the RBI had given the order. The Supreme Court had instructed RBI to respond with ideas as to why it had thought it was appropriate to provide a particular law.
It sets out the RBI sent a response to IAMAI. Sohail Merchant, a co-founder of the exchange PocketBits said, “RBI Update: IAMAI caught the reaction from RBI as directed by SC, the result is generic with the same language as the public circulars.
They have not even given intelligent thoughts to the limits made by us, all the basics of their ideas are “Investor Protection.”
He replied that the community is seeing forward to July 20, the day the apex government is expected to file a judgment.