The Supreme Court of India decided to delay the full resolution of the high-profile case against the Reserve Bank of India (RBI), which prohibited banks from operating crypto business.
As previously reported, the Indian crypto stock exchanges and other companies in the industry have been facing a moratorium on banking services since the RBI banned banks from crypto activities in April 2018.
Since the entry into force of the controversial RBI ban in July 2018, both public and industry petitions have appealed to the courts on the grounds that the decision is unconstitutional.
The current case was a combination of various earlier petitions and was brought before the courts by the Internet & Mobile Association of India (IAMAI).
The IAMAI is a non-profit organisation whose mission is to expand and strengthen the value-added sectors of Internet and mobile services and to appeal to the government on behalf of consumers, shareholders and investors in the Internet industry.
As the local community awaits further developments, there is evidence that this ban already imposes huge charges on the Indian crypto industry.
