The Supreme Court of India ordered the Joint Council of Ministers to develop a legislative framework for the regulation of cryptocurrency for 4 weeks. If lawmakers do not have time to meet this deadline, the court will independently decide how to regulate digital assets.
At the same time, the Supreme Court discontinued consideration of all cases on cancellation of the circular of the Reserve Bank of India (RBI). This document forbade banks to provide financial services to crypto companies. Many market participants called the ban unconstitutional and went to court to cancel it.
The RBI circular touched not only companies, but also individuals who traded in digital assets. Earlier we said that Indian banks began to block customer accounts for the purchase of cryptocurrency. After that, local traders switched to P2P trading and stopped signing bank transactions.