India’s Supreme Court has effectively banned banks from dealing with cryptocurrencies
The Reserve Bank of India’s proposed ban on cryptocurrency transactions among regulated entities like banks is all set to come into effect. Yesterday, India’s Supreme Court refused to lift the ban, which will be effective from July 6th.
The order prohibits all financial institutions from facilitating cryptocurrency transactions between individuals and businesses. This includes settling trades, allowing the transfer and receipt of earnings between accounts and recognising cryptocurrencies as collateral when extending loans.
