The group led by Indian Chief Justice Dipak Misra said that the Reserve Bank of India’s directive to ban commercial banks, financial institutions and other regulated institutions from providing any services related to virtual currency will continue. In the document released on the 6th, the Reserve Bank of India asked commercial banks and other financial institutions to withdraw from the relevant business within 3 months.
Earlier, the Bank of India told the Supreme Court that Bitcoin could not be considered a currency under the current laws of India. Indian law requires that money must be made of metal or other physical objects and approved by the government.
With the formulation of central bank digital monetary policies around the world, the Reserve Bank of India has become increasingly tough. As early as 2013, the Reserve Bank of India issued a warning to investors, while it now prohibits banks from providing cryptocurrency services to users and traders.