India’s top court refused to overturn a ban by the Reserve Bank of India (RBI) on lenders from dealing in cryptocurrencies. This move effectively outlaws cryptocurrencies in the country, which represents the third largest economy in Asia.
During the court hearing, the RBI said that Bitcoin cannot be treated as currency under India’s existing law, as it dictates that coins must be made either of metal or exist in a physical form, and be stamped by the government. The finance ministry has yet to make a final ruling on a formal ban, but it is presumed that this step is not far away as the central bank is trying to “cut off an avenue for crimes using cryptocurrencies.”
link https://cryptonews.com/news/bad-news-for-crypto-from-india-2156.htm
https://qz.com/1319985/rbi-ban-on-indias-cryptocurrency-exchanges-will-remain-top-court-rules/
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