India to favor bitcoin again

India to favor bitcoin again
India to favor bitcoin again

The media reports that Indian ban on trading the main cryptocurrency and other altcoins was lifted.

The authorities hesitated for a long time about the assessment of the prospects for digital currencies in India. However, the local regulator RBI- decided that cryptocurrencies will be available inside the state, but new rules of regulation will apply to them.

Recently, the media reported that the Indian authorities do not advocate a ban on cryptocurrency and are ready to allow them to exist within the framework of a clear regulation. The information appeared earlier that the local financial controller banned digital assets for no reason.

The new rules were introduced two months ago when the regulator issued a ban on the interaction of banks with any cryptocurrencies.

Earlier, the authorities of India introduced a ban on the consideration by local instances of claims in which traders cryptocurrency requests to recognize illegal the decision of the Central Bank to ban them.

Many companies after the interdiction by the regulator of India of cryptocurrency operations in April began to file it in the courts with appeals against this decision. In particular, the exchange operators Kali Digital and Flintstone Tech consider it unconstitutional and unreasonable.

At the beginning of April, the Reserve Bank of India banned regulated organizations to provide services to any individual or company whose activities are related to cryptocurrencies. Starting from last month, the country’s credit institutions should not allow customers to purchase tokens and provide services to companies involved in trading virtual currencies.