The Supreme Court refused to stay the Reserve Bank of India’s circular prohibiting banks and financial institutions from providing services in relation to cryptocurrencies. A bench headed by chief justice Dipak Misra issued notices to the ministries of finance, law and justice and information technology and the RBI and tagged the matter along with similar cases. The RBI had issued a circular stating all entities regulated by it are prohibited from providing any service in relation to virtual currencies, including those of transfer or receipt of money in accounts relating to the purchase or sale of virtual currencies. The court was hearing a plea filed by Internet and Mobile Association of India seeking a stay on the circular claiming it was arbitrary, unfair and unconstitutional.
