Crypto trades in India have been confronting a year-long fight, when a Reserve Bank of India circular, which took effect on July 2018, levied a ban on regulated financial foundations to service crypto-related organizations. Stakeholders from several industries filed writ petitions to challenge the circular passed by RBI. The petitions were at first scheduled to be heard last September, however, the case was persistently postponed.
Moreover, the case ‘Crypto versus RBI’ was held on eighth August, and the case was heard by the Supreme Court of India. Furthermore, the Government’s counsel delivered the IMC (inter-ministerial committee) drafted bill on cryptocurrency and mentioned to adjourn the case until January 2020.
The co-founder of Crypto Kanoon and crypto advocate, Mohammed Danish said that the Apex Court had split the case into two sections where the initial segment is the banning the cryptocurrencies in India, which would be taken for hearing on January 2020. The second piece of the case is the ‘Internet and Mobile Association of India versus RBI’ which is identified with the RBI banning the cryptocurrencies in India.
Even though the network knew that the draft bill probably would not meddle with the Supreme Court’s judgment, many estimate that the Apex Court will hear the case after the bill has been detailed in Parliament. The draft regulations presented by the Government’s counsel likewise requested that the Supreme Court adjourned the case until January, to enable the Government to talk about the draft bill in the approaching winter session. This would play a significant role in the direction of cryptographic money in India.
Moreover, the case that was filed by Siddharth Dalmia on 31st October 2017 was postponed twice in the past before the present hearing. This was the first hearing since the IMC bill was made public. The most recent update is that the Indian Government has presented the IMC report and proposed the banning of crypto to the Supreme Court. Furthermore, they mentioned the court to postpone the case until January as the Finance Ministry anticipates presenting the bill in the Parliament. The court has consented to push forward the date to January 2020 a week ago for further hearings once the bill is introduced in the Parliament by the Government.