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Supreme Court to hear all cases against RBI’s order on virtual currencies

The Supreme Court has decided to hear all matters relating to the RBI's directive that prevents banking entities from dealing with virtual currencies. The Economic Times reported that the apex court has directed the transfer of pending petitions which include, two in Delhi High Court and one in Calcutta High Court. The next date for the hearing is set for July 20. High courts will no longer entertain any more petition relating to the matter. A total of five writ petitions including two in Supreme court have been filed challenging the central bank's circular. In the meantime, the Supreme Court has said that the petitioners can make representations to the RBI regarding the circular within two weeks. According to the ET report, it will be an opportunity for exchanges to showcase self-regulatory policies such as Know Your Customer (KYC) and…

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