Reserve Bank of India May Challenge Supreme Court Crypto Decision
The recent decision of the Supreme Court that nullified the ongoing controversial banking ban that was previously imposed on the companies who were transacting in cryptocurrencies.
While according to a report by The Economic Times over lifting the ban over the cryptocurrencies worried RBI that trading in crypto may put Indian Banking systems at risk.
Back in July 2018 when the central bank has initialized the ban the Supreme Court nullified the ban on the 4th of March for the banks dealing with crypto business.
While this led to petitions from many of the industry and public players alike until the time the changes were bought by the IAMAI (Internet & Mobile Association of India) a non-profit governing organizing body representing all the Internet Consumers and Investors.
As the RBI claims of Indian Banking being at risk while having any proof of risks many of the Indian cryptocurrency exchanges took no time to resume and have already started again there fiat deposit and withdrawal services within the first 24hr of the ban upliftment.
As of now as the RBI was unable to prove and show the damage of trading cryptocurrency until that time they are not likely to change their decision despite the central bank’s ongoing protest.
As per Abishek Rastogi, a lawyer representing one of the Cryptocurrency platforms says that The central Bank may face some other issues as at the time of ban many companies were forced to cease trading and now seeing the scenario they may now seek compensation.
Further, he explained:
“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.”
