The Indian government has thrown the Indian Crypto market into further speculation and mystery. After a fifth petition was filed against the RBI, the Supreme court has banned any other petitions against the circular.
The RBI circular was issued on the 6th of April, and barred banks from entering into any new relationships with individuals or entities dealing with cryptocurrencies. After the first petition that was filed by Mumbai company Kali Digital, and was signed by thousands of Indian crypto investors, more petitions were filed across various high courts in the country. The petition was filed on the ground that the RBI circular was â€śarbitrary, unfair and unconstitutionalâ€ť.
The High Court had initially set the next hearing date in the case for the 24th of May. Now, just 6 days shy of the hearing, the Supreme Court has barred the High Court from filing any additional petitions against the RBI, and all pending petitions will be transferred to the Supreme Court. Further, the Supreme Court will not put a stay on the RBI circular, which will continue to remain in effect.
The next hearing date has been set for the 20th of July, which comes two weeks after the 3 month period that was extended to all RBI regulated banks and financial institutions to exit ongoing banking relations with cryptocurrency companies and individuals who have invested in cryptocurrencies.
Over 50 Lakh Indian crypto Investors will have to wait with bated breath to see what will become of their investments. Will India err on the side of being too cautious, or if it will embrace the global blockchain and crypto movement?