11th September to hammer the final verdict of the Indian crypto market
20th July, 2018 made all the crypto enthusiasts experience a fit of anxiety as Supreme Court began its hearing on crypto exchanges. Supreme Court of India declared that the final verdict to decide the fate of cryptocurrency exchanges in India would be given on 11th September, 2018. According to a report by BCFocus, the ban imposed by the central bank recently prompted panic selling of the crypto coins in India.
The entire event initiated and sparked up with the issuance of a circulation in April, 2018 by the Reserve Bank of India. In this circulation, the nationalised banks were forbidden to provide their banking services to the cryptocurrency trading platforms operating in India.
The Twitter posts
Cryptokanoon on Thursday, 19th July, a day prior to the first hearing by the Supreme Court gave a Twitter post. The community posted, “Supreme Court will not pass the final judgmnt 2mrw. It wil hear arguments either in full or in part.Part-heard matter can b adjourned for a later date. It can also reconsider to pass interim stay order on RBI banking ban on Crypto. #rbiupdate.”
Clarification on 20th July hearing:
Supreme Court will not pass the final judgmnt 2mrw. It wil hear arguments either in full or in part.Part-heard matter can b adjourned for a later date. It can also reconsider to pass interim stay order on RBI banking ban on Crypto. #rbiupdate
— Crypto Kanoon (@cryptokanoon) July 19, 2018
The circulation by the central bank of India curbing banking services was retaliated by the crypto exchanges through the filing of petitions. In an interview, Dwaipayan Bhowmick, an advocate to file petition seeking cryptocurrency regulation in India stated, “The interim relief has not been granted. Shyam Dewan, from RBI asked the court for the final date of the hearing, following which the Chief Justice of India Deepak Mishra said it will be the 11 of September. Some of the exchanges were not present in court and they have not filed a reply yet. They are yet to file a vakalat nama. The CJI said all the proceedings should be completed in the next four weeks.”
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
He also mentioned about the statement given by Gopal Subramaniam, Internet and Mobile Association of India [IAMAI] advocate. As per the latter’s view, “in the world of digitalisation, such a Circular from RBI would be a loss.” Kunal Barchha, the CEO of CoinRecoil, one of the chief petitioners against the regulation of RBI commented, “There were no arguments or responses done today. As court just gave next date for final disposal.And we represented just our petition, not other exchanges. I don’t know if any other exchange has made any response.”
In the hearing session, apart from CoinRecoil, other crypto exchanges of India like CoinDelta, Koinex and Throughbit have attended. This has been confirmed by the TRA law managing partner, Anirudh Rastogi. However, the current status of cryptocurrency in India shows that the ban has not yet been lifted off.
Image via Shutterstock
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