The Supreme Court of India has given a new date for hearing arguments against crypto banking restrictions by Reserve Bank of India (RBI). According to the court’s directive, the central bank responded to the representations of crypto exchanges. The case was to be heard today. Check out more about Charity Coin
Supreme Court Hearing Rescheduled Again
Today, October 15, the Indian supreme court was to hear arguments against the RBI’s banking restrictions. The court order from earlier in the month stated that the case was to be placed “top of board,” giving hope to the Indian crypto community that the case would progress today.
Crypto Kanoon, an Indian news portal, reported that the case had been listed as item number 2 in courtroom number 5 today. “Since today, three judges have gathered in court number. 5, the news portal stated that the court couldn’t hear the case because “three judges bench has assembled today in court no. It says:
After hearing the counsel, the court issued the following order:… List on Tuesday the 19th of November 2019, as the first item, subject only to an overnight part-heard if any.
Indian Supreme Court Postpones Crypto Case until November. New Date Confirmed
In the past, the crypto case was heard by only two judges. The same judges would hear it again in future hearings. The likelihood of the supreme Court hearing the crypto case is reduced if there are three judges.
RBI Ban and Government Regulation
In April 2017, the central bank issued a circular banning financial institutions from offering services to cryptocurrency businesses. The RBI stated that prohibited services include: “maintenance accounts, trading, settling and clearing, lending against virtual tokens, accepting collateral, opening exchanges dealing in them, transfer / receipt money in accounts relating purchase/ sale VCs [virtual currencies]”.
Indian Supreme Court Postpones Crypto Case until November. New Date Confirmed
Three months later, the ban was in effect and banks shut down crypto exchange accounts. Some of these banks were forced to close local exchange operations. Many industry stakeholders filed writ complaints to contest the ban.
The supreme court heard the case in detail after multiple delays on Aug. 8. Petitioners were challenging the central bank’s control over crypto. Indian police have also been affected by the RBI ban. Due to the ban, the Pune police department couldn’t cash out crypto it seized from a Ponzi scheme.
