RBI’s Crypto Ban in India, Final Hearing Postponed to 11th September

RBI’s Crypto Ban in India, Final Hearing Postponed to 11th September

Cryptocurrency News
July 20, 2018 by Sandra Onyeiwu
1296
The long-awaited judgment on the petition against the Reserve Bank of India (RBI) has been pushed from July 20 to September 11, 2018, as the final date for disposal of the case. The hearing was not only important in terms of judgment that was to be pronounced by also to gauge clarity on the government’s
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The long-awaited judgment on the petition against the Reserve Bank of India (RBI) has been pushed from July 20 to September 11, 2018, as the final date for disposal of the case.

The hearing was not only important in terms of judgment that was to be pronounced by also to gauge clarity on the government’s stance towards the crypto industry and the Reserve Bank of India’s (RBI) reservations against bitcoin and other virtual currencies.

The RBI ‘crypto ban’ came into action on July 5 where all banking and INR support for crypto-related business was removed. Most of the exchanges have shifted their trading to involve crypto-to-crypto pairs only.

All the parties, individuals, and ventures have the timeline of 4 weeks to file their reply to the petition before the final hearing.

As per internal reports, limited arguments were advanced on behalf of Internet and Mobile Association of India [IAMAI] and RBI on 20th July. Since SEBI and a few others have not filed their response to the petition seeking regulation, the Court has directed for completion of pleadings in the month of September.

Let’s see how things go from here. I hope a draft of the regulation as well as the responses of all the parties on this case in Supreme Court will be made public in the days to come.

 

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