The Central Bank of India does not recognize cryptocurrency as a means of payment

In India, the Supreme Court hears the case between the Reserve Bank of India (RBI) and local cryptocurrency companies that require the repeal of the ban on working with digital assets.

The participants of the cryptocurrency industry considered the introduction of the ban as an unconstitutional decision, and the Reserve Bank, because of the lack of legal control in the cryptocurrency environment, believes that cryptocurrencies cannot be used as a means of payment.

Earlier we reported that the Central Bank of India imposed restrictions on the processing of transfers, which in one way or another are related to cryptocurrency market. This ban was extended to all financial institutions of the country. After that, the groups of activists decided to defend their rights and created petitions for reviewing the decision of the Reserve Bank.

At present, India has begun to study the experience of implementing blockchain technology in the framework of cooperation with BRICS. Although the ban on operations with cryptocurrencies was introduced in India, the main bank of the country recognizes the need to regulate the sector of the cryptocurrency.