India's Supreme Court has refused to end the ban enacted by the National Central Bank, which prevents the country's crypto exchanges from doing business with regulated financial firms.
Bloomberg said on Tuesday that under the leadership of Chief Justice Deepak Mishra, the Indian Supreme Court said that the Reserve Bank of India (RBI) will stop providing services related to crypt-related businesses.
The decision is still on the ban declared in April 2018, when the RBI said that financial institutions will not be allowed to work with exchanges or related firms. This gave the bank three months to get out of that market, on July 6 as the official start date for the ban, as reported earlier by Sikkadek.
To start a series of legal challenges, policy changes take steps by members of India's Cryptocurrency ecosystem. But, on May 22, Sikkadesek had told that the Indian Supreme Court had stopped all other courts from accepting the petition, five similar petitions were filed against the RBI. At that time, the Supreme Court said that he would listen on July 20.
According to Quartz, on July 20, after the Internet and Mobile Association of India (IAMI), the hearing was held on July 3, which, Bitcoin Exchanges are counted as their members requested the preliminary hearing.
During the hearing, the Reserve Bank of India claimed that cryptokyotias, including bitcoins, can not be considered as currency in India because the laws of the country must be made of "metal or material, current and printed government" coins.
The battle of the Supreme Court is not over yet because the hearing is still going on July 20.