India’s Supreme Court Gives RBI 14 Days to Address Crypto-Ban

Mary Brendah by Mary Brendah - 06:19 AM Aug 22, 2019
India’s Supreme Court Gives RBI 14 Days to Address Crypto-Ban

India’s Supreme Court Gives RBI 14 Days to Address Crypto-Ban

After previous hearings of banking restrictions by the Reserve Bank of India (RBI) in details, the Indian Supreme court has ordered the Central Bank to respond to the representations filed by crypto exchanges.

According to reports, the Supreme Court of India has resumed hearings the case against crypto banking ban on Wednesday after spending the whole of Tuesday on it. The Senior Advocate Shyam Divan, who represents the central bank, defended RBI’s power to issue a crypto banking ban. He started off by addressing the cons of cryptocurrencies prepared by the inter-ministerial committee (IMC) report.

Besides, in July 2018, the RBI banned all banks from issuing services to cryptocurrency operators including exchanges. The move saw cryptocurrency successfully cease from operating in the Indian market.

Meanwhile, today hearings resumed for serious grievance from the Supreme Court docket’s Justice Rohinton Fali Nariman. According to reports by local news outlet, Crypto Kanoon, Justice Nariman gave RBI an ultimatum of two weeks to justify its actions.
“Now justice Nariman questions RBI why you have not properly responded to the representation. You just said that we are forwarding to Govt," a tweeter update by the news outlet read.

Furthermore, the case has come at a time when the government is planning to banning all cryptocurrencies from India. The only digital currency to be accepted will be the digital rupee which has been created by RBI.

India Cryptocurrency Ban

In conclusion, there is apparently no specific regulation for crypto in India at the moment. However, the government has been working on policies since 2017. The IMC  studied all aspects of cryptocurrencies and give recommendations.

Specifically, within the report is a draft bill seeking to ban all crypto assets from India which is being examined by the relevant bodies, according to finance ministry.

About The Author
Mary Brendah

Mary BrendahMy first love is music – then goes writing. I don’t write fiction, I analyze bulls and bears in markets. I call it my jungle, the digital jungle of crypto and chains.