The RBI, in their annual report, said that they are aware of the P2P exchanges in India. RBI also talks of Central Bank-issued Digital Currencies (CBDCs).
The unit was formed about a month ago and a chief general manager has been identified to lead it, but no formal announcement has been made by the RBI yet.
. Reports from the country now indicate that there’s a possibility that a ban on cryptocurrencies might continue - however, cryptocurrency tokens might be allowed.
Indian cryptocurrency traders have found creative methods such as Dabba Trading and Hawala Networks to trade cryptocurrencies despite the RBI-issued sanctions.
The Government of India is expected to announce cryptocurrency regulations sometime in September, reports from local media indicate.
The RBI has now explained to the Supreme Court the reason as to why they stopped providing banking services to cryptocurrency businesses.
The final hearing has been moved to 11th September because SEBI, as well as certain cryptocurrency exchanges, are yet to file their response to the petition.
Despite the RBI ban having come into effect earlier this month, Zebpay remains hopeful that it will soon be overturned as better regulations are introduced.
Zebpay, one of the biggest cryptocurrency exchanges in the country has announced that as of today, they no longer allow rupee-based transactions to take place.
The first cryptocurrency petition was heard by the Supreme Court of India today. However, the decision has come in favour of the RBI.
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