India’s Supreme Court has ordered the Reserve Bank of India to answer complaints within 2 weeks levied by the country’s crypto industry about the banking ban on Crypto. This ban has devastated the country’s crypto industry and made several exchange shut down. This might be the first speck of hope and light for India to not shut down crypto operations entirely.
India July 5th deadline for Banks to un-tether themselves from Crypto approaches
Indian Banks have until July 5th(day after tomorrow) to completely rid themselves of connections and make it so there is pretty much zero liquidity in the country for cryptocurrencies. Liquidity in India was already pretty close to zero anyways so I do not think this will effect it much. However, if you wake up on July 5th and find that the price of Bitcoin has dropped a bit, you should not be surprised as all banks in India would have had to do away with any cryptocurrency connections they had the night before.
I personally think India is taking the complete wrong approach to crypto as it will hinder their people’s interest in blockchain technology and slow their own technological development. Trying to separate Bitcoin or cryptocurrencies from Blockchain is going to end in failure because you are basically killing off one of its primary uses and the one that most people are interested in. In addition, a lot of outside international banks and investors are taking notice of crypto now and adoption is within sight so to try and competely ban it like India or China is a big mistake.