The Supreme court of India has refused to grant a temporary stay against RBI’s banking ban. This means on July 5, the banks may end their relationship with exchanges in India. Almost all exchanges have assured users that their INR and crypto balance is safe and some have even developed methods to circumvent the ban
On April 5, RBI released a notification banning all banks from working with individuals or companies that trade in cryptocurrencies. The central bank has given three months to the banks to wind up the existing relationships.
Multiple exchanges, individuals and non-profit bodies took it to the Supreme Court to appeal against RBI’s decision. The apex court ordered to move all cases against RBI in the matter be moved to Supreme court and tagged along with this petition. The court set the date for next hearing to July 20, 2018. However, the RBI’s deadline is ending on July 5, 2018.
Keeping this in mind, the Internet and Mobile association of India (IAMAI) filed a writ petition in court to put a stay on RBI’s decree. After the appeal from the petitioner’s (IAMAI) lawyers, the case was listed for hearing on July 3, two days before the deadline.
The bench of judges including the Chief Justice of India, Justice A.M. Khanwilkar and Jutice D.Y. Chandrachud heard the case today and passed the order.
The update was shared by Cryptokanoon today
Breaking! Supreme Court of India refuses to grant temporary stay against RBI’s banking restriction against Crypto. Stay tuned for further updates! #rbiupdate
— Crypto Kanoon (@cryptokanoon) July 3, 2018