The Reserve Bank of India (RBI) – also the country's central bank, is reportedly planning to submit a petition to reconsider the Supreme Court's decision on cryptocurrencies earlier. this week.
According to the Economic Times reporting on Friday, citing “people close to the issue”. RBI is concerned that this ruling could pave the way for cryptocurrency trading in India and put the country's banking system at risk.
Earlier on Friday, the Supreme Court of India issued a ruling, which rejected a bill issued by the RBI – wanting to ban banks from serving exchanges and cryptocurrency companies. The ban prompted several exchanges to file petitions to try to reverse the move of RBI, a process that culminated in Wednesday's ruling.
Following the rules framed by the Supreme Court, a review petition must be filed within 30 days of publication of the decision, and very rarely the court will accept the review. According to the Indian Constitution, the court ruling will become domestic law and be the final decision, because it gives certainty to decide future cases.
The case was initially sued by the Indian Internet and Mobile Association (IAMAI) against RBI. Ashim Sood – Ashim Sood's Chief of Staff, is IAMAI's representative in the case.
Sood declined to comment on the matter with The Block regarding this review petition report.
Although the Indian Court may consider the RBI petition, the current cryptocurrency platforms in India are able to function normally, Abhishek Rastogi – a partner at Khaitan & Co. – who had filed a lawsuit with the Delhi High Court (later referred to the Supreme Court of India), told The Economic Times. “Many companies have even gone bankrupt after the RBI law was released and they can also find ways to start acting on this issue,” Rastogi said.
Maybe you are interested:
Join our channel to stay up to date on the most useful news and knowledge at:
According to The Block
Translated by ToiYeuBitcoin