New Delhi: Hearing the petition against the Reserve Bank of India (RBI) ban on banking dealings with cryptocurrency-related businesses, the Supreme Court of India upheld the principal bank’s decision. Earlier, the Supreme Court of India ruled that all cases related to cryptocurrencies should be counted on July 20, 2018 as the date for the hearing, but since the ban imposed by the Reserve Bank of India will be in effect from July 6, 2018, the Supreme Court has accepted the authority’s request. Industrial and set July 3, 2018 as the date for the hearing.
Thus, the Supreme Court again rejected the suspension of the RBI on April 6, which directed all banks to extract themselves from existing relationships with cryptocurrency exchanges and traders within three months, and is set to come into effect on July 6.
The controversial blockade imposed by the central bank has led to public and industrial petitions, with some appealing to the courts on the grounds that the decision is unconstitutional.
The Internet and Mobile Association of India (IAMAI), which is a member of several cryptocurrency exchanges challenging the RBI’s stance, has requested an early hearing in the Supreme Court. The court set an initial date for July 20, two weeks after the ban took effect.
At a previous hearing on the petition on May 17, IAMAI was asked to file a case against the central bank. Quartz India quoted Nischal Shetty, CEO of cryptocurrency exchange Waziri, as saying, “We had a detailed presentation that could have given RBI a clearer picture of what a blockchain is, how exchanges work, etc., but we haven’t heard any response. Of them so far.At the hearing, the RBI was also directed by the Supreme Court to respond to statues put in by the companies in the next seven days.
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A Twitter post from a team of Indian lawyers involved in cryptocurrency regulatory analysis confirms that today the Supreme Court directed RBI to “respond with grounds” to represent IAMAI. The Supreme Court will hear the petitions at the aforementioned 20 July hearing.
Despite its hard-line stance against decentralized cryptocurrencies, the Reserve Bank of India is said to be considering issuing its central bank digital currency (CBDC).
Still some are optimistic about the country’s future in the crypto space, with Ripple’s Global Head of Infrastructure Innovation (XRP) earlier this month saying he expects a positive regulatory framework to be released from RBI in the long run.
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