Reports say that India’s supreme court has refused to delay the RBI upcoming ban on banks offering services to companies that deal in cryptocurrency.
The decision means that all the country’s registered banks are now obliged to comply with the circular issued by the Reserve Bank of India back in April, asking them to cease all business relationships with crypto firms within a three-month period. That would make the deadline, July 5th – though no official further official documentation has confirmed whether that’s a solid deadline.
It could mean, as predicted in a recent post by crypto exhange Zebpay, Indian crypto investors may soon struggle to make withdrawls in Rupees, as well as being forced to deal with high volatility in the price of Bitcoin/Rupee trades until the new status quo settles down.
Indeed, according to The Financial Express, the price of a Bitcoin dropped some 10,000 rupees on the news (around $145), which effected the price of the cryptocurrency worldwide. The dollar price of a single Bitcoin fell by approximately $70, for example.
Many crypto exchanges are said to be looking to leave the country, as the deadline for the banking ban looms.