The Indian Supreme Court will hold a hearing in July in an effort to decide on the growing number of crypto-related petitions filed against the country's central bank.
The Supreme Court has barred all other courts from accepting petitions in the wake of the filing of five petitions against the Reserve Bank of India's (RBI) move to bar banks from dealing with cryptocurrency companies. The RBI published a circular in early April to that effect, saying at the time that the entities it regulates "shall not deal with or provide services to any individual or business entities dealing with or settling [cryptocurrencies]."
The hearing will be held on July 20, according to an Economic Times report.
One of the petitions was filed by a startup called Kali Digital Ecosystems – which planned to launch its crypto exchange, CoinRecoil – has been transferred to the Supreme Court. Two other petitions transferred to the Supreme Court were originally filed in the Delhi High Court and the Calcutta High Court, the Times further reported.
Anirudh Rastogi, a managing partner at the law firm that filed the petitions, told the publication:
In the wake of the RBI move, a group of exchanges indicated that they, too, were moving to seek some kind of an appeal against the central bank circular. The goal, as expressed at the time, was to obtain a hearing before the Supreme Court in order to challenge the RBI policy.
Supreme Court of India image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.