New Delhi: After hearing a petition against the Reserve Bank of India’s (RBI) ban on banking related to cryptocurrency-related problems, India’s Supreme Court upheld apex’s ruling. Earlier, the Supreme Court of India ruled that all cryptocurrency-related cases should be dismissed and scheduled for July 20, 2018 as the date of the hearing, but since the RBI ban was to take effect from July 6, 2018, the Apex court accepted the transaction. at the request of the association and to set a hearing date of July 3, 2018.
Thus, the Supreme Court again refused to support the CIRCULAR RBI of April 6, which ordered all banks to terminate existing relations with cryptocurrency exchanges and traders within three months, which was to come into force on July 6.
The controversial central bank blockade has prompted petitions from both the public and industry, some of which have asked the courts to declare the decision unconstitutional.
The Indian Internet and Mobile Association (IAMAI), which includes some crypto-exchanges challenging the RBI’s position, has called for an early hearing in the Supreme Court. The court set a date beginning July 20, two weeks after the ban came into force.
At a previous petition hearing on May 17, IAMAI was reportedly asked to file an application against the central bank. The company quotes Nishal Shetty, CEO of Waziri Crypto Exchange, as saying: “We presented a detailed presentation that could give RBI a clearer idea of what blockchain is, how the exchanges work, etc.
A Twitter message from a group of Indian lawyers involved in the crypto-regulatory analysis confirms that today the Supreme Court ordered the RBI to “motivate” the IAMAI representation. The Supreme Court will consider the motions at the hearing on 20 July.
Despite its firm stance on decentralized cryptocurrencies, the RBI is reportedly considering issuing its own digital currency, the Central Bank (CBDC).
Some remain optimistic about the country’s future in the field of cryptocurrencies: Ripple’s head of global infrastructure innovation (XRP) said earlier this month that he expects RBI to have a favorable regulatory environment in the long term.