Reserve Bank of India (RBI) Plans to Appeal Supreme Court Decision On Crypto Ban

After the Supreme Court of India nullified the ban on crypto transactions imposed by the Reserve Bank of India (RBI), the bank’s plan now is to file a petition against the ruling.

It seems the RBI has worries that the latest decision coming from the court can lead to cryptocurrency trading and pose risks for the banking system in the country. The Supreme Court’s nullification took place on March 4 and made the many local crypto businesses very happy. RBI’s ban was enforced in July 2018.

Industry Players and the Public Signed Petitions

What brought the case to the Supreme Court were the petitions signed by the public and industry players and filed by the Internet and Mobile Association of India (IAMAI), a non-profit industry organization that represents investors and internet consumers. The Supreme Court made the decision to lift the ban after conducting 2 weeks of hearing in January, but the RBI is determined to have a review of the ruling.

The Banking System Not at Risk

As said before, the RBI is concerned that crypto trading may represent a problem for the banking system, but this matter is debatable. Within only 24 hours after the bank’s ban has been lifted, many crypto exchanges in India resumed their fiat withdrawals and deposits.

The Supreme Court decided there’s no proof that cryptocurrency trading can damage the banking system in any way. Unless the RBI brings such proof, it’s very unlikely for the Court to change its decision, no matter how much the bank protests. Here’s what Abhishek Rastogi, lawyer for one of the crypto platforms, said about what may happen in the future:

“The Supreme Court may look at the RBI’s review petition but as of now the cryptocurrency platforms can operate in India. Many companies have even gone bankrupt after the RBI’s diktat and they may also look to initiate action in this regard.”

Therefore, the RBI may need to focus on this issue, seeing many crypto companies ceased trading after its ban was enforced.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Oana Ularu
Oana Ularu
Curious about what’s going on with all the money in the world, Oana is bringing you the latest news in the crypto world. She’s aware of the fact that you need to know everything that’s happening on the financial scene in order to play the cryptocurrency market, so you can count on her to share with you every little detail on what matters.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

DeFi Growth & Stablecoin Surge Most Bullish Crypto Development: DCG State of Crypto 2020 Survey

39% of the respondents that involve 150 portfolio companies see DeFi as the most bullish crypto development of 2020, as per the DCG Founders...

Non-Custodial Bitcoin Exchange, Hodl Hodl, Launches Lending Service Without KYC

Hodl Hodl, a non-custodial Bitcoin exchange, is launching a KYC-free lending product for its customers. The exchange claims that its lending product would be...

Total Value Locked in Harvest Finance Surpasses $1 Billion, Up 366,200% Since September

Decentralized platform Harvest Finance that provides users a way to farm assets for the highest yields now has more than a billion dollars in...

Strong Institutional Demand for Bitcoin, CME Becomes Second Largest BTC Futures Market

Bitcoin's price made a big shift this week as the bulls gained control of the market and pushed it past $13,000. A similar shift has...

PoolTogether's ‘No Loss' Gambling Platform Utilizes Chainlink’s VRF on Ethereum to Select Winners

Chainlink announces its verifiable random function on the Ethereum mainnet, bringing a host of benefits to the decentralized platform. PoolTogether, a gamified savings platform...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today