The Reserve Bank of India (RBI), the country’s central bank, has decided to appeal against the recent decision of the Supreme Court squashing the banking ban on crypto companies.
Reported by local news outlet Economic Times, the decision was not officially revealed by the central bank yet.
This came as the decision of the apex court came on Wednesday in a landmark judgment after a delay of several months in hearing the arguments.
If the RBI wants to appeal to the court's ruling, it has to approach a higher judge bench, but the decision to accept its appeal solely depends on the court.
The central bank is reportedly concerned about the negative impact the ruling will make on the country’s banking system.
Still a hostile environment for crypto?
The ruling was made against a circular issued by the Indian central bank in April 2019, barring all the banks under its purview to cease offering fiat-based services to crypto exchanges and firms in the industry with an ultimatum of 3 months.
This made a massive dent in the Indian crypto market with slumping volumes, forcing many exchanges to move their bases abroad and even shutter their services permanently.
Many, however, circumvented the restricted banking access by introducing peer-to-peer trading services to keep trading in the market afloat.
The reversal of RBI decision by the Supreme Court was followed by the industry players to restore their fiat deposit in hours.
“The revoking of the banking ban by the Supreme Court is going to open new opportunities for India in terms of investments, economic growth, financial inclusion, and market maturation,” Sumit Gupta, co-founder and CEO of CoinDCX, an Indian crypto Exchange
Exchange
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading.
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading.
Read this Term, told Finance Magnates.
“We have always seen crypto as a potential to unlock India’s dream of becoming a $5 trillion economy and remain committed to carrying out the hard work which is necessary to make this dream come true.”
The Reserve Bank of India (RBI), the country’s central bank, has decided to appeal against the recent decision of the Supreme Court squashing the banking ban on crypto companies.
Reported by local news outlet Economic Times, the decision was not officially revealed by the central bank yet.
This came as the decision of the apex court came on Wednesday in a landmark judgment after a delay of several months in hearing the arguments.
If the RBI wants to appeal to the court's ruling, it has to approach a higher judge bench, but the decision to accept its appeal solely depends on the court.
The central bank is reportedly concerned about the negative impact the ruling will make on the country’s banking system.
Still a hostile environment for crypto?
The ruling was made against a circular issued by the Indian central bank in April 2019, barring all the banks under its purview to cease offering fiat-based services to crypto exchanges and firms in the industry with an ultimatum of 3 months.
This made a massive dent in the Indian crypto market with slumping volumes, forcing many exchanges to move their bases abroad and even shutter their services permanently.
Many, however, circumvented the restricted banking access by introducing peer-to-peer trading services to keep trading in the market afloat.
The reversal of RBI decision by the Supreme Court was followed by the industry players to restore their fiat deposit in hours.
“The revoking of the banking ban by the Supreme Court is going to open new opportunities for India in terms of investments, economic growth, financial inclusion, and market maturation,” Sumit Gupta, co-founder and CEO of CoinDCX, an Indian crypto Exchange
Exchange
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading.
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading.
Read this Term, told Finance Magnates.
“We have always seen crypto as a potential to unlock India’s dream of becoming a $5 trillion economy and remain committed to carrying out the hard work which is necessary to make this dream come true.”
