The uneasy situation regarding cryptocurrencies in India appears to be far from over. Despite the trading of Bitcoin being legal by law, several banks still refuse to provide services to companies in this space.
Reversing a situation that has been in place for two years often requires some work.
The Uneasy Crypto Situation in India
In India, the central bank deemed it illegal to trade cryptocurrencies about two years ago.
That unjust decision was finally overturned by the Supreme Court less than two weeks ago.
As such, most people expected this to trigger an influx of buyers, investors, and speculators.
That will not necessarily be the same, as several domestic banks are not complying with the Supreme Court’s ruling.
Why some banks decide to continue to do their own thing, will always remain a mystery.
That being said, the new ruling doesn’t force banks to provide services to crypto firms either.
These institutions can still reject applications if they prefer to do so, although it doesn’t sit well with the overall community.
It would appear that the ball is now in the camp of the Reserve Bank of India.
Most banks are unwilling to move until they hear from the central bank.
Rest assured this uneasy situation will remain in place for some time to come.