In a rather pleasant outcome today Supreme Court's vacation bench has admitted IAMAI's (Internet & Mobile Association Of India) petition against RBI. IAMAI had filed a report on 22nd of May citing urgency due to the 5th July deadline from RBI on banking services to cryptocurrency exchanges.
However, Crypto group CryptoKanoon is hopeful about the timing of this situation and on a personal note I hope the apex court does justice to all the investors from India by ordering a stay on RBI's circular and thereby preventing a unilateral ban on banking services.
This is good news considering earlier reports suggested that Supreme Court had refused IAMAI's petition citing several instances of similar petition already pending in court.
Supreme court otherwise has clubbed all pending cases against the central bank for its 6th April circular banning banking services to cryptocurrency exchanges in the country and set the date of 20th July.
But this is an issue because on the 5th of July banks will be forced to suspend accounts of crypto-exchanges in India or get penalised by RBI.
Zebpay's notification yesterday triggered a panic sell in India with BTC trading nearly 15% lower than it's global prices.
Stay tuned for more updates as the situation unfolds.
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