Indian apex court, the Supreme Court (SC) of India, has barred all high courts from filing petitions against Reserve Bank of India’s (RBI’s) cryptocurrency curbing circular, that it released last month.
As cryptocurrency adopters, exchanges and advocacy groups move various high courts (HC) across the country in filing petitions against the RBI’s circular from April — effectively barring banks from processing all cryptocurrency purchases — the Supreme Court has, in a hearing on Thursday, ruled that HCs will no longer allow any petitions to be filed, domestic news resource Crypto Kanoon revealed.
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
— Crypto Kanoon (@cryptokanoon) May 17, 2018
Post RBI’s circular banning banks from servicing crypto exchanges, a number of cryptocurrency companies including the exchange operator Kali Digital and Flintstone Tech, a crypto trading and storage platform, moved the Delhi High Court against this decision of RBI. The RBI’s new policy is “arbitrary, unfair and unconstitutional”, said the cryptocurrency firms while filing a petition with the high court.
Earlier this month, four more digital currency exchanges across the country challenged the RBI circular and its constitutional validity with a writ petition.
Last month, several bitcoin exchanges hinted that they turn up to SC in order to challenge RBI’s crackdown on digital currency, which they think are not justified.
Meanwhile, the Supreme Court has scheduled the next hearing on the matter on July 20 when it will hear related petitions filed at the court.
To recall, in January, a nationwide survey in India has revealed that in last 17 months of period, people in the country have invested in Bitcoin and other cryptocurrencies worth whopping US$3.5 billion.
Interestingly, despite all these crackdown and bans by Indian goverment agencies, a nationwide survey in India has revealed that in last 17 months of period, people in the country have invested in Bitcoin and other cryptocurrencies worth whopping US$3.5 billion.
Moreover, it may also be recalled that a blockchain startup of Indonesian-origin called Pundi X had announced in January that it is preparing to launch point-of-sale network in India so that people in India can buy and invest in cryptocurrencies not just only online but offline as well.
Via – CCN.com