India's CB challenges Supreme Court order on cryptocurrency

by in Cryptocurrency News

Central Bank India cryptocurrency

The Reserve Bank of India plans to file a motion to review the Supreme Court's decision to regulate the first crypto coin and other cryptocurrencies. It is reported by the Economic Times.

According to the publication, the regulator fears that the decree could lay the foundation for crypto trading and jeopardize the country's banking system.

A few days ago, the Supreme Court repealed the CB’s directive to ban on providing services to crypto companies from accountable organizations. This ban prompted the crypto-exchanges to sign a petition for its cancellation, which the court ultimately upheld.

Related: India’s Supreme Court removes curbs on crypto trade

According to local lawyers, the possible consideration by the court of the petition of the Central Bank does not mean the suspension of bitcoin exchanges.

Khaitan & Co partner Abhishek Rastogi claims that many bankrupt crypto companies can now file a lawsuit against the CB.

Recall that at the end of last year, India began to develop a national blockchain strategy.