Following the cancellation of its anti-crypto circular by the Supreme Court, the Reserve Bank of India plans to file a request for review. For the financial institution, cryptocurrencies can jeopardize the banking system.  

Earlier this week, the Indian Supreme Court rescinded the Bank of India (RBI) circular which prohibited local banks from dealing with crypto-startups. Specialized companies, such as stock exchanges, can now access banking services again. However, the Reserve Bank of India does not want to stop there, reports EconomicTimes.

According to local media citing people close to the case, the RBI indeed plans to file a request for review. It is an extraordinary remedy which allows requests, in very limited cases, to reconsider a final decision. Since 2018 and so far, its flyer has largely curbed the trade of bitcoins and other digital coins in the third largest economy in Asia.

Now the central bank is concerned that its cancellation would jeopardize the Indian banking system. Several crypto-startups and exchanges, which had delocalized their activity, in particular in Singapore, remain confident and plan today to return to India, reports the daily.