RBI’s Crypto Ban in Effect Until September 11 as Supreme Court Moves Final Decision Date
Cryptovest
Published Jul 20, 2018 07:58AM ET
RBI’s Crypto Ban in Effect Until September 11 as Supreme Court Moves Final Decision Date
On Friday, July 20, India’s Supreme Court had to judge the petition against the central bank’s cryptocurrency-related ban. However, the court hasn’t reached any decision yet as it moved the hearing’s date to September 11. In April, the Reserve Bank of India (RBI) required all local banks to halt the operations of all crypto-related accounts by July 2018.
At the end of May, we reported that the Supreme Court had to deal with five petitions against RBI’s decision. Notable petitioners are the Internet and Mobile Association of India (IAMAI) and the Ahmedabad-based crypto firm Kali Digital Eco-Systems.
According to lawyers familiar with the situation, the exchange operators and crypto supporters don’t agree with RBI’s decision given that it interferes with at least two articles of the Indian constitution: 19(1) (g) and 14. The former article allows people to enjoy the right to conduct any occupation, trade, or business, while the latter prohibits discrimination and requires equal protection under the law for everyone.
Everyone was hoping to get a result today as India is an important player in the cryptocurrency industry. However, the court moved the final decision date to September 11, as it had limited arguments on behalf of IAMAI and the RBI at the July 20 hearing.
https://twitter.com/cryptokanoon/status/1020188574224994305
Thus, the RBI’s ban will continue to be in effect at least until that date.
Crypto watchers were not happy with the Supreme Court’s move:
https://twitter.com/Lynchian/status/1020189754195890176
All the parties, including individual and firms, have to file their reply to the petition four weeks before the final hearing in September.
The case was planned to be heard by chief justice Dipak Misra, along with justices AM Khanwilkar and DY Chandrachud. KK Venugopal, the attorney general of India (AGI), was also expected to be present at the hearing, according to the court’s directive. By calling the AGI, the court might be recognizing the importance of the matter.
This article appeared first on Cryptovest
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