On July 3, the Supreme Court of India dealt a blow to the cryptocurrency community in India when it upheld the Reserve Bank of India’s directive instructing banks to stop working with cryptocurrency exchanges based out of India.
The petition was filed by the Internet and Mobile Association of India (IAMAI) in April, after the RBI had passed the order. The Supreme Court had instructed RBI to respond with reasons as to why it had thought it was appropriate to pass the particular order.
Turns out the RBI sent a response to IAMAI. Sohail Merchant, a co-founder of the exchange PocketBits said, “RBI Update: IAMAI received the response from RBI as directed by SC, the response is generic with the same language as the public circulars.
They have not even given deliberate thoughts to the points made by us, all the basis of their arguments is “Investor Protection.”
He added that the community is looking forward to July 20, the day the apex court is expected to file a judgement.