India's central bank plans to file review of Supreme Court's crypto ruling

Author: Liang CHE

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The Reserve Bank of India (RBI) plans to file a review of the Supreme Court's crypto ruling earlier this week.

According to Indian media "Economic Times" reported on Friday, people familiar with the matter said that the Reserve Bank of India is concerned that the ruling may lay the foundation for the development of crypto trading in India, thus putting the country's banking system at risk.

On Wednesday, the Supreme Court of India rejected a previous circular issued by the Reserve Bank of India prohibiting banks from providing services to cryptocurrency exchanges and companies. The bank ban forced several crypto exchanges to file petitions asking the Reserve Bank of India to withdraw the ban.

A lawyer told TheBlock that under the law, the Reserve Bank of India does now have the option to request a review of the case. According to the Indian Constitution, the Supreme Court's decision is final because it provides certainty for future cases, and the court rarely accepts a review.

If it is necessary to submit a review request, it must be submitted within 30 days from the date of the judgment in accordance with the rules established by the Supreme Court.

The case against the Reserve Bank of India was originally filed by the Indian Internet and Mobile Association (IAMAI), with Ashim Sood, head of the Ashim Sood law firm participating as a representative of IAMAI.

Benson Samuel, technical director of Indian crypto company Tokenyz Ventures, said that after the ban was asked to be lifted, several crypto companies will restart to continue developing platforms, products and services for cryptocurrencies. "This is a very positive sign," Samuel said. "We have been waiting for two years. Over the past few years, the infrastructure and surroundings of most cryptocurrencies have been built."

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