Ministry of Finance has the final authority for money and financial matters. Have a look at USA China trade war where Donald Trump has put $150 billion tariffs on Chinese imports.
Looks like China is the next to ban Bitcoin
You don't need to be a scientist to smell that China will obviously ban bitcoin. That's why Bitmain has already made its plan to move its mining hardware somewhere else.
~snip~
This might be a win for CoinRecoil but its going to be a long and arduous battle in my opinion. Its good though to hear that someone challenged this circular but I wouldn't be surprised if India will put a tighter regulations on cryptocurrency. Again, Kali Digital have invested tons of money having their own crypto exchanges that's why they are putting a fight, but they should at least a plan B of sort, if they lose this battle then they should moved to Malta as well, just like Bitmain and OKex did.