Supreme court of India to hear against RBI notification to ban banking facilities with crypto businesses in India

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Reserve Bank of India on 5th April 2018 issued a circular to all banks under its jurisdiction to stop providing any banking facility to business entities dealing in crypto. This has resulted severe pain to all involved in this space plus it has already started brain drain from India to places where crypto business is legal and welcomed like Estonia.

At the same time a legal battle is also started by few leaders in crypto space. A total of eleven crypto businesses had filed a petition to SCI to seek interim stay against the RBI circular.

The battle received temporary setback as yesterday Supreme court of India declined to provide the interim stay.

However, SCI has set 17th May to hear the matter as it is still in pending state.

For details pls read -India: Supreme Court Denies Interim Injunction Against Reserve Bank Of India Restrictions