India’s Supreme Court Claims All Petitions Against Central Bank Crypto Blockade
Image: The most controversial currency.
All pending petitions are being clubbed to be transferred to the Supreme Court of India (SC). They have also barred all high courts against the Reserve Bank of India from filing petitions from April. The Supreme Court of India even decided a temporary suspension and refused to put any stay on the central bank’s circular.
Four more other exchanges have challenged the RBI circular earlier this month with a writ petition including its constitutional validity. The Reserve Bank of India has also mentioned that they will shut down the services that banks have been offering the cryptocurrency exchange agencies in the next three months by July 6th. The related petitions filed at the court have been scheduled for the next hearing on the same by July 20, the Supreme Court has stated. Various cryptocurrency companies have also moved the Delhi High Court against the RBI circular.
As reported by Crypto Kanoon on one of their tweets “Desired clarity on today’s SC Hearing: SC refused to stay RBI circular and the same is still in operation. No petition can be filed in any High Court of India against 6th April circular and the already-pending petitions will be transferred to the SC. #RBI”
A sweeping policy had been issued by the Reserve Bank of India barring all regulated financial institutions in ordering them to provide such services to all and any crypto exchange financial institutions. The above mentioned was informed on April 5th this year. This is a huge step that is taken by the Reserve Bank of India (RBI) on all crypto exchange services and the exchange services are no doubt but fighting back with all their vigor and effort to win the case. There will definitely be an outcome which only time will tell.