The Reserve Bank of India plans to file a review petition against the Supreme Court decision that overturneda ban on cryptocurrency operations in the country.
According to a report by The Economic Times, representativesThe RBI is concerned that the court's decision may lead to the spread of cryptocurrency trading, which in turn will create risks for the banking system.
Recall that on March 4, the Supreme Court overturnedRBI regulation, which prohibits banks and financial institutions from working with digital currencies. Now, representatives of the bank will challenge the court decision.
The latest court ruling indicated that RBI was unable toProvide clear evidence that cryptocurrency trading could put a risk on the financial system. Abhishek Rastogi, a lawyer representing one of the Indian crypto platforms, said:
Supreme Court likely to consider petitionRBI, however, at the moment, cryptocurrency platforms can operate in the country. Many companies went bankrupt following the RBI directive, and now they can file a lawsuit against the bank.
Based on materialscointelegraph.com
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