Crypto News | Indian Crypto Ban Upheld by Supreme Court

After High Courts in various Indian cities got flooded with civil lawsuits and petitions over the controversial and one-sided Indian crypto ban enforced by the Reserve Bank of India (RBI), the Supreme Court of India has decided that they can no longer accept any new petitions, at least until the next hearing date, slated for July 20, 2018. All pending petitions, as well as any petitions in the future, will be redirected to the Supreme Court.

On April 6, the Reserve Bank of India forced all banks and end-users to end their cryptocurrency-related business dealings, prompting widespread confusion and outrage. At the end of April, the High Court of Delhi sent a notice to the Ministry of Finance and the RBI, declaring the Indian crypto ban unconstitutional. The public rallied around an online petition, amassing more than 44,000 signatures against the ban. The fight continues. Will Indian crypto ban be lifted?

Another Asian country, Iran, is facing a completely different set of problems. Although the majority of countries that signed the Joint Comprehensive Plan of Action (JCPOA) have already expressed their commitment to the deal, the strict sanctions re-imposed by Washington could still have a huge impact on the country’s economy. However, according to RBC, a Russian news portal, cryptocurrencies could offer Iran a way out. The Iranian Parliamentary Commission for Economic Affairs, headed by Mohammad Reza Pourebrahimi, discussed the possibility of crypto transactions as a means of avoiding international sanctions with Dmitry Mezentsev, the Chair of the Federation Council Committee on Economic Policy of Russia. According to Pourebrahimi, the Central Bank of Iran is already developing concrete proposals. Mezentsev, who discussed the issue in the State Duma’s Committee on Economic Policy, said that Iran and Russia could become the first countries using cryptocurrency for exchanging goods, which is seen as a matter of great importance by both parties.

At the same time, South Africa is making huge strides in adopting decentralized cryptocurrencies. Both cryptocurrency trading and the public’s interest have been growing steadily over the past year, culminating in the first multi-currency crypto ATM being installed in the country. The ATM will be located in Johannesburg, at Northwold Spar by the end of the week, and it will feature Bitcoin, Dash, Ethereum, and other cryptocurrencies. Users will be able to purchase crypto even without a bank account, simply by using cash.

eToro has also been making some positive announcements lately. Most notably, while delivering a keynote address at the Consensus 2018 conference in New York on May 16, Yoni Assia, the company’s CEO, said that eToro will soon launch an international crypto exchange and mobile wallet, targeting the US market for the first time. After concluding a $100 million Series E funding in March, eToro decided to offer its services to US investors, with plans to roll out both the wallet and the exchange over the coming months. eToro already has more than 9 million users, and with the wallet/exchange coming to both iOS and Android, with announced revolutionary new features, eToro is definitely looking to cement its position as an industry leader.

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Author: Max Rothstein

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