Reserve Bank of India to file a petition to review the recent Supreme Court ruling overturning the ban on cryptocurrency banking.
On Wednesday, a panel of the Indian Supreme Court ruled that the central bank’s 2018 orders were inappropriate as they were contrary to the rules of the constitution. but RBI did not make this decision and plans to appeal it, because I am sure that the use of cryptocurrency increases the level of risks for the banking system.
Although the local community is celebrating a victory and Indian exchanges have already started opening fiat accounts, lawyers say that the central bank has a legal basis to file a petition for revision. However, they add that the chances of success are quite low, since the decisions of the Supreme Court are final, serve as the basis for subsequent cases and are extremely rarely reviewed..
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In addition, other affected crypto companies, some of which went bankrupt, can also go to court with accusations against the Reserve Bank of India..
text: Ivan Malichenko, photo: jourtify