Supreme Court on Cryptocurrency: No stay order on RBI circular, next hearing on July 20

In today’s big cryptocurrency news update, the Supreme Court of India has refused to grant a stay order on the RBI cryptocurrency circular. The Internet and Mobile Association of India (IAMAI) had filed a writ petition in the Supreme Court asking for a stay on RBI’s ban on cryptocurrency. The court order means that the banks will stop offering services to cryptocurrency exchanges July 5th onwards. The IAMAI petition has been clubbed with all the other petitions against RBI for which the next hearing is on July 20th. Interestingly, the Supreme Court has also asked RBI to respond to a representation filed by IAMAI about regulating cryptocurrencies within the next seven days. In addition, Zebpay co-founder Sandeep Goenka has said that he will try and attempt an out of listing hearing on 5th July to get a stay on the RBI circular till the next hearing on 20th July. Coinome users please note that the INR deposits will stop effective July 3rd, 2018 onwards whereas withdrawals will stop July 4th, 2018 onwards.

We urge the Indian cryptocurrency investor community to not panic sell and continue to wait till the Supreme Court hearing on July 20th. You can re-assess your buying and selling strategies post the decision by the Supreme Court.

(Image credit: Wikimedia Commons)

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