India ratifies cryptocurrency ban
The Indian Reserve Bank ratified the decision of the Supreme Court that prohibits entities from making transactions in digital currency
India confirmed the prohibition of transactions and services in cryptocurrencies through a bulletin from the Reserve Bank and the Supreme Court. The measures of the country have been one of the hardest in this sense, applied in its first phase since last April.
At that time, the authorities issued a bulletin in which the national entities were specified the impossibility of providing any service or initiate transactions with companies that work with digital currency such as Bitcoin.
Consequently, brokerage houses and other entities that work with crypto currencies made requests to the Central Bank and authorities of the Supreme Court, appealing for the acceptance and granting of the corresponding permits for transactions.
However, they were forced to ask their clients to withdraw their fiduciary money before the prohibition measures entered into force this July 5th in the whole territory of the Asian nation, where despite the guidelines there is no clear regulatory framework.
Cryptocurrencies are not considered an asset in India. In addition, the Ministry of Finance has taken very strict measures regarding negotiations in these currencies, unlike other countries where flexible bills have been drafted for use in the financial system.
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