As per the reports of today’s(July 3rd) hearing on the crypto ban, Supreme Court of India has refused to grant a temporary relief on the RBI’s ban on dealing with cryptocurrencies.

The crypto investors in India were awaiting a positive impact after Supreme Court earlier mentioned of fixing all the cryptocurrency related cases by July 20,2018, which was then preponed to July 3 by the SC after IAMAI requested for an early hearing as RBI’s circular of April 6 where RBI gave a three-month period to all the organizations such as banks and payment providers dealing with cryptocurrency to take appropriate measures, is set to be implemented from 5th July.

The results are out and it nowhere pleased the crypto believers of India as Supreme Court refused to grant any kind of relief in the cryptocurrency dealings. And now the banks will also have to discontinue their services to all the cryptocurrency-related bodies. Moreover, along with the banks, the digital payment providers will also have to implement these orders.

After the RBI’s circular of April 6, Indian cryptocurrency exchange, Zebpay issued a notice to its users stating that the rupee-to-crypto conversion services might end abruptly and hence the users can withdraw their funds till the time it’s available.

Along with Zebpay, another Indian crypto exchange – WazirX have started offering the crypto-to-crypto exchange services.

Indian Banks like SBI, HDFC, Axis, ICICI, Kotak Mahindra, etc have discontinued their services with any cryptocurrency exchanges or entities. Not just Indian Banks, many international banks like Bank of America, Citibank, JP Morgan, Lloyds, etc have barred their customers from dealing with any kind of cryptocurrencies with their debit/credit cards.

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