Earlier this week, the Supreme court of India, in a historic ruling, lifted the banking ban on cryptocurrencies in the country. The RBI had issued a circular to all banks prohibiting them from providing any services to crypto exchanges and crypto business in 2018. However, the RBI is planning to file a review petition on the court’s ruling.
RBI says crypto trading could put the country’s banking system at risk
According to the Economic Times report, India’s central bank is planning to file a review petition on the Supreme Court’s ruling on the crypto ban. According to the report, the central bank is concerned that crypto trading could put the country’s banking system. However, it is highly unlikely that the supreme court will change its ruling on the subject.
Crypto exchanges in India begin crypto trading
After a long break of 19 months, the crypto community in India are now allowed to trade in cryptocurrencies. Crypto exchanges, including WazirX and Unocoin, started accepting deposits in INR a day after the Supreme court’s ruling. The central bank of India is concerned that crypto trading in the country could put the banking system at risk. However, it is highly unlikely that the supreme court will re-evaluate its decision on the banking ban on cryptocurrencies.
@EconomicTimes today reported that Reserve Bank of India (RBI) is planning to file a review against the Judgment which set aside banking ban from #Crypto.
What is 'Review'?
👉It is a judicial re-examination of the case.
👉It is filed before the same bench of judges.
Cont..
— Crypto Kanoon (@cryptokanoon) March 6, 2020
