A group of eleven individuals have filed a writ petition in the Supreme Court challenging the Reserve Bank of India decision to block “essential services” like banking for cryptocurrency related businesses in India. The case has been listed for further hearing on May 17, 2018.“Banking is an essential service. The Supreme Court issued notices to the RBI and Union of India after hearing the petition. The matter has been listed for further hearing on May 17, 2018.A writ petition is usually filed for the speedy review of an issue. The RBI’s circular mandates financial institutions to block services by July 5, 2018 putting crypto-related businesses in a spot.

Source: Economic Times May 12, 2018 17:37 UTC