India’s top court refuses to overturn RBI's ban on lenders from dealing in cryptos - Bloomberg
|"A bench headed, by Chief Justice Dipak Misra, said the Reserve Bank of India’s directive prohibiting banks, financial institutions and other regulated institutions from providing any services related to virtual currencies will remain implemented," Bloomberg reported on Tuesday.
The RBI's mandate came into effect on April 6 and gave banks were given three months to stop serving business dealing in cryptocurrencies.
Commenting on this development, “Nobody is able to price the risk currently. The minute you have clarity on exchanges and whether digital currencies can be used as a medium of exchange or payment, or if it is a commodity, there will be less speculation and much more stability in pricing,” G.V. Anand Bhushan, a partner at law firm Shardul Amarchand Mangaldas & Co., told Bloomberg.
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