The Indian supreme court will hear all petitions against the crypto banking ban by the Reserve Bank of India on Tuesday. News.Bitcoin.com talked to the CEOs of several Indian exchanges to find out what they are expecting from the hearing, trader sentiment, their exchanges’ current trading volumes, and how they see the court’s ruling affecting the crypto community
The Beginning of the Journey
All eyes in the Indian crypto community are on the supreme court (SC) hearing on Tuesday, September 11, when all petitions related to the crypto banking ban by the Reserve Bank of India (RBI) will be heard. The country’s central bank issued a circular on April 6, banning banks from providing services to crypto businesses.
In response to the ban, a number of crypto exchanges operating in India have come up with methods to allow users to continue to deposit and withdraw Indian rupees. Among them are Wazirx, Instashift, and Coindcx exchanges which offer services based on the exchange-escrowed peer-to-peer (P2P) model.
Wazirx’s CEO, Nischal Shetty, shared with news.Bitcoin.com:
Rahul Chitale, CEO of Instashift, told news.Bitcoin.com that “The ruling will surely have some bearing and the SC’s views will shape a lot of the regulatory thinking, but it’s unlikely to have an immediate tactical impact.” Citing that similar regulatory hurdles are seen globally, he described:
Sumit Gupta, CEO of Coindcx, explained to news.Bitcoin.com that “All Indian exchanges and crypto traders are eyeing the SC ruling.” In the long run, however, he believes that “Indian traders will eventually find ways to invest in cryptocurrencies via some innovative channels.” Emphasizing that “a negative ruling will just shift users to P2P trading platforms,” he asserted:
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