Bitcoin Forum

April 6th, 2018, will be remembered as the darkest day for cryptocurrencies in India, the day the Reserve Bank of India issued a notification banning all entities affiliated to it from facilitating business to any other entity dealing in cryptocurrency.

The market is still recovering from the shock that affected many cryptocurrency exchanges and service providers a well as millions of investors. However, some bold companies have decided to take the fight to the RBI, terming the government’s move as unconstitutional and calling on the Supreme Court to annul the ban. Several petitions have been filed to that effect.

RBI’s Move Illegal

The main petitioners include Kali Digital Ecosystems (runs CoinRecoil), Throughbit, Coindelta, CoinDCX, Koinex, and Digital and Blockchain Foundation of India (Merged into the Internet and Mobile Association of India).

Representing 11 of the petitioners, the managing director of TRA Law argued that citizens have the right to trade and that this right is now being infringed upon by the RBI.


Read More: https://zycrypto.com/crypto-is-currently-facing-a-hard-time-in-india-over-legalization-controversies/

I think eventually crypto will pass theough this phase not only in India but rest of the world as well and as soon as crypto will be recognized as a legal and legit asset, substantial amount of money will be fled into crypto market, so this is perhaps the time to accumulate more and more cryptos.