India’s Supreme Court to Issue Final Ruling on RBI Cryptocurrency Ban in September
The Indian Supreme Court has adjourned its hearing of the petition against the Reserve Bank of India (RBI) ban on banks facilitating cryptocurrency transactions. The apex court will deliver its final judgment on the matter on September 11, 2018.
Hearing Adjourned till September 11
Indian cryptocurrency traders still have a fair bit of waiting to do before knowing the fate of the market in the country. According to a series of tweets by Crypto Kanoon, a team of lawyers engaged in the virtual currency market, the nation’s apex court today (July 20, 2018), adjourned a hearing on the petition filed against the RBI ban to September 11, 2018.
Supreme Court listed the matter for final disposal on 11th September. All (remaining) parties to file their reply within 4 weeks. #rbiupdate
— Crypto Kanoon (@cryptokanoon) July 20, 2018
Earlier reports had indicated that KK Venugopal, the country’s attorney general would be attending the hearing. An inside source told Quartz India that:
The union government is also a party in some of the cases, so that may be one of the reasons for calling the AGI. But it also clearly shows that the court thinks it’s a significant matter.
The Court heard limited arguments from the petitioner – Internet and Mobile Association of India (IAMAI), as well as the RBI. The apex court decided to adjourn the case for final arguments on September 11, 2018. The adjournment was because vital stakeholders like the Securities and Exchange Board of India (SEBI) were yet to file their responses to the petition.
The Court mandated that all outstanding responses be filed within the next four weeks. Chief Justice Dipak Misra, as well as Justices DY Chandrachud and AM Khanwilkar, presided over today’s hearing.
RBI Cryptocurrency Ban Sets India Back
Lead counsel for the IAMAI, Gopal Subramaniam, during the hearing said that the RBI’s ban would set India back in the emerging global cryptocurrency landscape. Since the ban took effect, traders have been forced to depend on P2P exchange platforms.
Meanwhile, there have been reports suggesting that state officials and the RBI aren’t exactly on the same page. Earlier in the month, news emerged that the government was seriously considering classifying cryptocurrencies as commodities.
All attention now turns to the outcome of the hearing on September 11. Apart from delivering a final verdict on the RBI ban, the hearing will also clarify the government’s position concerning virtual currencies.
Should the Supreme Court overturn the RBI ban? Keep the conversation going in the comment section below.
Images courtesy of Twitter/@Cryptokanoon, India Spot News