Share this article
Indian High Court to Hear Case Against Central Bank Crypto Ban
The High Court of Delhi has recognized a petition over the Reserve Bank of India's ban on banks engaging with cryptocurrency services.
Updated Sep 13, 2021, 7:51 a.m. Published Apr 23, 2018, 2:35 p.m.
The High Court of Delhi has issued a notice to India's central bank over its order barring banks from engaging with cryptocurrency services.
The move comes as the result of a petition lodged against the Reserve Bank of India by Kali Digital Ecosystems, an Indian firm planning to launch an exchange platform called CoinRecoil in August of this year.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The petition was filed last week, with Kali Digital Ecosystems seeking "an appropriate writ, order or direction quashing the circular." It said the ban is "arbitrary and unconstitutional" and that it is unable to begin operating due to the RBI's restrictions on banking services.
The firm also included the Indian government in the petition, including the Ministry of Finance and others, according to a statement from the firm.
The notice sent to the central bank effectively recognizes the company's petition at the high court. The next hearing over the case has been set for May 24.
Rashmi Deshpande from law firm Khaitan & Co. was quoted in the release as saying:
"The move by the RBI has put the burgeoning cryptocurrency sector in jeopardy and may affect the basic rights of such entities to carry on any trade."
In its circular, the RBI had said that financial institutions and banks under its authority can no longer deal with cryptocurrency exchanges and other related services.
Last November, the Indian Supreme Court asked the government to respond to a petition seeking clarity on the matter.
Taking a strict stance on cryptocurrencies, the RBI raised warnings in 2013 and 2017, cautioning "users, holders and traders" that it had not licensed any company in India to work with cryptocurrencies.
Statue of Justice image via Shutterstock
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
Top Stories
