India’s Supreme Court has ruled to not grant a relief to the people affected by the Reserve Bank of India’s ban on all bank’s involvement with cryptocurrencies and crypto businesses.
The Supreme court has again refused to stop the block on all of the banks that imposed on them to immediately distance themselves from anything crypto related weather that are crypto exchanges or traders within three months on their announcement on April 6 that will take effect on July 6th.
This controversial decision from the central bank has invoked people into sign up for public and industry led petitions that were trying to prove the government wrong by stating that their decision has been unconstitutional.
The Internet and Mobile Association of India that is a member of a number of crypto exchanges joint stand against the central banks decision, has requested another early hearing at the Supreme Court and the date for it has been set for July 20 which is two weeks after the ban takes effect.
There have been an earlier petition hearing on May 17 where the Internet and Mobile Association was requested to submit a representation against the central bank. The CEO of the crypto exchange WazirX Nischal Shetty has said:
“We had submitted a detailed presentation that could have given RBI a clearer picture on what is blockchain, how the exchanges work, etc. But we hadn’t heard back from them yet. Today, the supreme court has also directed the RBI to respond to those representations made by the firms in the next seven days.”