India Has Become More Optimistic in Crypto as Big Companies Challenge Court

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India Has Become More Optimistic in Crypto as Big Companies Challenge Court

Sat Jul 21, 2018 9:17 am

Crypto companies were heard in India today as they told the supreme court that the ban on banks interacting with cryptocurrencies is illegal. The global community has placed widespread pressure on the courts to stop the ban, as crypto exchanges have threatened to take their business elsewhere.

Banking Ban Could be Lifted Imminently
On July 5, regulated Indian banks were stopped from interacting with crypto companies leading to a reduction in the availability for users to withdraw or deposit funds. While some users are using peer-to-peer services to continue to use crypto companies, it has led to a reduction in services for Indian users.

The petition to the courts was filed by Kali Digital Eco-Systems, which was set to launch its own crypto exchange, CoinRecoil, in August. They argued the ban was unconstitutional on two grounds. These are Article 19(1) (g) of the Indian constitution, which allows citizens to enjoy the right to carry on any occupation, trade, or business; and Article 14, which prohibits discrimination and mandates equal protection under the law for all.


https://www.newsbtc.com/2018/07/21/indi ... nge-court/

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