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Supreme Court Refuses to Stay Central Bank’s Virtual Currency Decision
May 23, 2018
This Thursday, India’s apex judicial institution Supreme Court refused to stay the RBI’s decision that requires banks, non-banking financial institutions, payment gateway providers, and e-wallet companies to remove the support for cryptocurrencies like Bitcoin by way of business dealings and cryptocurrency exchanges.
The Supreme Court, however, has given two weeks to the cryptocurrency exchanges, traders, and individuals involved to present their cases before the central bank which shall look into the matter.
It’s worth noting that the Supreme Court was approached by the Internet and Mobile Association of India (IAMAI) earlier this week as it sought a stay on the RBI’s decision.
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