India’s Leading Court Retains the Ban on Cryptocurrencies

According to Bloomberg, a leading Indian court is retaining a ban that averts financial institutions and banks, as well as other controlled units from offering services linked to crypto. A bench led by Chief Justice Dipak Misra stated that the directive from the Bank of India will hold.

The central bank has informed financial institutions to withdraw from their operations related to cryptocurrency within three months. This was in a circular dispensed on April 6 and has been running since that date, making it effective in just three days. The central bank debated that bitcoins could not be categorized as currency with regulations for currency, because coins must be produced of metal or exist as objects or materials that are tangible and can be stamped by the government.

Report by CoinDesk

As reported by CoinDesk, SK Planet, in other news, is deliberating on a strategy to tokenize cash points users of its rewards program earned. Although the bid has the possibility of being reviewed, it may consist of the development of a stable coin. This is because the points of the company are linked to the won currency of South Korea.

OK Cashbag, the program of SK planet, was established in 1999, two decades ago. This was so as to provide rewards to customers of merchants liked with SK. The program consists of over 50,000 merchants and 35 million users. If users amass more than 50,000 points, they can trade the points for cash. The company informed CoinDesk Korea that the price of points in its program had the capacity of surpassing $100 million.

Reuter’s Report as Regards Stolen Funds

Additionally, a report from CipherTrace shows that the amount of cash pilfered from crypto exchanges increased in the initial six months of the year. This was as reported by Reuters. As stated in the report, $761 million was pilfered from cryptocurrency exchanges in the initial half of this year. In contrast, just $266 million was pilfered from those exchanges for the entire part of last year.

Overall, the company reports that in 2018, losses could surpass 1.5 billion. And as Dave Jevans, the CEO of CipherTrace said to Reuters, Stolen Cryptos are larger this year by three times than last year so obviously, here the trend is not our friend.

Co-founder of Zebpay, a top cryptocurrency exchange, known as Sandeep Goenka, in a tweet, affirmed that there will be an additional meeting which will take place on the initial date of July 20^th. There is hope that some deliberations will take place to permit revolution within the blockchain sector of India.

Other Affected Stakeholders

Exchanges are not only the ones at stake. The ruling will have an effect on a substantial number of organizations whose main business has to do with cryptocurrency and blockchain.

It will be fascinating to observe the course of action which will be taken by the companies affected. As regards the recent regulatory crackdowns in Hong Kong, Japan, and China, numerous blockchain businesses choose to move their operations overseas.