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. The ban imposed by the central bank recently prompted panic selling of the crypto coins in India.
Readers may note that the petition was filed by the exchanges after the Reserve Bank of India stated that banks falling under the purview of the central bank will have to stop functioning with crypto platforms in three months starting from April 2018.
On Thursday evening, Twitter handle @cryptokanoon said,
“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.”
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.”
He added, Gopal Subramaniam, an advocate representing the Internet and Mobile Association of India (IAMAI) submitted that “in the world of digitalisation, such a Circular from RBI would be a loss.”
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.