The Reserve Bank of India (RBI), the country's central bank, has just announced it plans to file a petition in relation to the Supreme Court's recent decision on cryptos.
In particular, the objective of the appeal is to review the Supreme Court's recent decision to lift the ban imposed by the central bank that prevented banks from offering their services to crypto-related companies.
On Wednesday it was known this court had decided to lift the ban imposed by the RBI back in April 2018.
The Economic Times has reported today citing people familiar with the situation that the RBI is concerned that the ruling could set the stage for crypto trading in India and put the country's banking system at risk.
According to Supreme Court rules, petitions for review must be filed within 30 days of the date of the ruling. In addition, it should be noted the court does not usually admit reviews. According to the Constitution of India, the decisions of the court become law.
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