So, finally, the day came up when the Supreme Court is about to do hearing over a ban of Cryptocurrency by RBI. On 3rd July the RBI gave a new hearing of 20th July where India’s Supreme Court heard the petitions against crypto banking ban by the Reserve Bank of India (RBI) yesterday.
After the argument from both the sides, the court decided to set another hearing date, allowing some of the regulators involved to the petitions. As for the ban on crypto is trending topic in India therefore, the Court needs to take its decision very genuinely in favor of the suitable party, Hence before taking any final decision against it, the Court wants to hear all regulators framework and arguments.
After a long-awaited hearing, the Supreme Court of India is obligatory to address all of the petitions against the crypto banking ban by the central bank of the country.
The Internet and Mobile Association of India (IAMAI) put up the petition on RBI and yesterday hearing follows the hearing of 3rd July. As the case is going on the Court did not charge the ban over the cryptocurrency. Last week, the central bank retort to a representation by the association but it did not change its statement over the ban on crypto.
In latest bench the overturn was not over on the ban of crypto, therefore the decision not to take any decision right now as the court did not hear all the arguments from both the sides. Crypto Kanoon, a platform engaged in crypto regulatory analysis, legal awareness and news, added:
Limited arguments were advanced on behalf of IAMAI and RBI today.
Another hearing date was set by the court were hope that the Court may its final judgment as many are waiting for so long for it.
There are at least five writ petitions filed against the RBI ban. However, according to Crypto Kanoon, “SEBI [the Securities and Exchange Board of India] and few others have not filed their response to the petition seeking regulation…All (remaining) parties to file their reply within 4 weeks.”
Sohail Merchant, CEO of crypto exchange Pocketbits, commented on the outcome of today’s hearing:
Final hearing [is] slated for the 11th of September. Now that is the Judgement Day.
Many terms and decisions will be taken against RBI ban because the decision is going to be breathe taking for every crypto investor. The central bank has been challenged on two grounds. They concern article 19(1) (g) and article 14 of the Indian constitution. The former “allows citizens to enjoy the right to carry on any occupation, trade, or business,” Quartz explained, adding that the latter “prohibits discrimination and mandates equal protection under the law for all.”
Many exchanges are launched and because of their ban, they will suffer a hard loss as recently the Koinex launched its P2P platform called Loop on July 17. “Loop is a peer-to-peer fiat to the crypto trading platform where registered users can trade in cryptos with other registered users in INR,” the exchange described.
“To ensure user safety, a built-in escrow system is employed which releases the cryptocurrency only after the seller double confirms the exact payment of the trade.” According to its website, the service currently offers the buying and selling of BTC, ETH, and XRP without network or transaction fees.
Therefore the ban will cause everything inside effect which is actually a not sign of happening like many are going to suffer a lot big exchanges, investors, etc.
What you people think about this the Supreme Court will ban cryptocurrency or not?