Acceding to the Reserve Bank of India, the Supreme Court of India has barred lower courts from hearing any more petitions pertaining to cryptocurrency. The Supreme Court will hold a hearing in July that will likely determine the fate of cryptocurrency in India.
In April, the Reserve Bank of India issued a circular that prohibited subordinate financial institutions (like commercial banks) from dealings in cryptocurrencies. Since then, petitions for exceptions to this rule have flooded into courts around the country. On Thursday, May 17, the Supreme Court of India sided with arguments from Shyam Divan, counsel for the Reserve Bank of India (RBI), to stay all cases and bar all state-level high courts from entertaining any further petitions.