If you have invested in Bitcoin or any other cryptocurrency, a deadline is looming on you. From July 5, the entities regulated by Reserve Bank of India (RBI), which include banks, will terminate their existing relationships with firms or individuals dealing in cryptocurrencies.
The RBI in April issued a circular giving a three-month buffer period to entities to end their business relationships. That period will end on July 5. It means the crypto exchanges will not be able to let traders liquidate crypto assets.
The Internet and Mobile Association of India (IAMAI), which represents internet firms had filed a writ petition in the Supreme Court against the RBI move to ban banks and financial institutions from providing services to any individual or business dealing in cryptocurrencies. Today, the court has refused to grant any interim relief to cryptocurrency exchanges against the RBI's move, according to a Bloomberg report.
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