India’s Supreme Court to Take Charge of Crypto Lawsuit

India Supreme Court

India’s Supreme Court has decided it will hold a hearing in July to decide on the growing number of crypto-related petitions being filed against the country’s central bank.

The Supreme Court has stopped all other courts from accepting new petitions. This comes on the heels of five suits being filed against the Reserve Bank of India (RBI) and it’s ban on banks from dealing with cryptocurrency companies and exchanges. The RBI had previously published a circular in early April of 2018 that said that financial institutions regulated by the RBI “shall not deal with or provide services to any individual or business entities dealing with or settling [cryptocurrencies].”

The court has set the hearing for July 20th, according to reports from the Economic Times.

One of the first petitions filed was by Kali Digital Ecosystems, a startup that was planning to launch its crypto exchange, CoinRecoil. This and two other petitions, originally held in the Delhi court, have been escalated to the Supreme Court, the Times further reports.

In the wake of the ban from the RBI, a collective of crypto exchanges has indicated that they were also seeking an appeal against the central bank’s circular. Their goal was to challenge the RBI policy in a hearing before the Supreme Court.

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