Supreme Court of India ‘Denies’ Petition Filing against RBI’s Circular on Cryptocurrencies 9511
Bitcoin News
Team BCFocus
May 19, 2018 at 11:22 AM

The central court of India “Supreme Court” has taken a decision on the recent cryptocurrency ban favouring RBI. Supreme Court has stated that now crypto companies cannot file petition in High Courts of India against RBI circular dated April 6. The petitions that have already been filed will be given to Supreme Court. Yesterday, a twitter post on CryptoKanoon has confirmed the news.

Many organizations had approached various courts against RBI decision. Earlier, the appeal that was made crypto enthusiasts was for granting interim injuction. It was not supported by the Supreme Court. The Supreme Court is not ready to put a stay on the circular (dated April 6) till the issue is sorted out.

For further updates on this matter, there is a hearing on July 20. The hearing is regarding “no high court will entertain any petition relating to the RBI circular” on the ‘Prohibition on dealing in Virtual Currencies’. The Chief Justice of India will be accessing the matter with a panel of three judges according to the writ petition filed by Siddharth Dalmia and many others.

RBI had issued a circular on April 5 for warning the institutions dealing with cryptocurrencies. It stated, “Reserve Bank has repeatedly cautioned users, holders and traders of virtual currencies, including Bitcoins, regarding various risks associated in dealing with such virtual currencies. In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs. Regulated entities which already provide such services shall exit the relationship within a specified time. A circular in this regard is being issued separately.”

The RBI circular dated April 6 came after this press release.

Join our Telegram group: https://web.telegram.org/#/im?p=@bcfocus

 

Image via Shutterstock