The Reserve Bank of India’s (RBI) deadline to implement ban to stop dealing with all crypto-related accounts expires Thursday, July 5, local news outlet The Times of India reports. The Supreme Court had also ruled earlier this week not to grant interim relief to those affected by the upcoming ban.
Panjak Jain, who works in Indian blockchain and crypto communities as an investor and an advisor, tweeted on July 3 that “it’s unfortunate, but India’s Supreme court refused to stay the @RBI’s limitation on regulated entities from working w/ #crypto businesses.” Jain added that the “silver lining” is that the central bank has to provide their reasoning for the ban in one week.