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The crypto-currency community of India awaits explanations from the authorities

Investors and banks are puzzled why they are not allowed to conduct operations.

13.Jun.18 6:48 AM
By Shawn Highstraw


The crypto-currency community of India awaits explanations from the authorities
The ban on conducting transactions with digital currencies for banks operating in the territory of India could put an end to the further development of this market in the country. Therefore, the experts of the crypto-currency community decided to obtain from the authorities specific answers to their concerns. Holders of virtual money and financial and credit organizations wanted to understand what the ban was based on and whether it is temporary.

In particular, Shri Varun Sethi, who calls himself a blockbuster lawyer, applied to the Reserve Bank of India for clarification. As a result, he found that, when deciding whether to restrict operations with crypto-currencies, the regulator did not consult with experts and did not carry out relevant studies. No state officials called any commissions and the working groups did not organize. Moreover, the Central Bank refused to voice the specific reason for the ban, citing the Law on the Right to Information. The norms of this document allow the authorities to keep this information in secret from the public.

Earlier, lawyers appealed to the court to defend the interests of banks that were forbidden to serve crypto-currency companies. Representatives of financial and credit organizations hope that they will receive support and will be able to achieve the cancellation of the regulator's decision.

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