The Supreme Court refused to stay a circular released by RBI which prohibited banks and financial institutions from dealing in bitcoin and other cryptocurrencies. The next hearing for the matter will be held on July 20.
The crypto exchanges have explained to the RBI how cryptocurrencies are being adopted by other jurisdictions and how concerns related to the digital currency can be dealt with. It is noteworthy that in its judgment, SC has asked the RBI to consider arguments made by crypto exchanges in the matter.