Home / Blockchain News / Crypto Community of India have to wait for few more months to know their fate

Crypto Community of India have to wait for few more months to know their fate

India Crypto Ban

The Supreme Court of India heard the case ‘Crypto Vs Reserve Bank of India (RBI)’ where the government’s counsel produced a grafted bill on cryptocurrency. The Court after hearing the case has adjourned the case until January 2020.

As per a report, the Apex Court has divided the entire case into two parts. The first case will be regarding the banning of the digital currency that will be heard in the first month of the next year and the second one is the ‘Internet and Mobile Association of India Vs The Reserve Bank of India (RBI)’ which deals with the ban of the digital currencies imposed by The Reserve Bank of India (RBI).

The hearing on the public interest litigation (PIL) filed by Siddharth Dalmai has earlier been adjourned twice before the hearing today, this is the first part of the case which will be further heard earlier next year. Since the apex court divided the case into two parts the second one is the one filed by the Internet and Mobile Association of India (IAMAI) for The Reserve Bank of India (RBI) decision on banking.

The argument prevailing in the case is that since the cryptocurrencies are termed as commodities, The Reserve Bank of India (RBI) has no authority to impose a ban on digital currencies. The Reserve Bank of India (RBI) delegates the power that the parliament holds and hence cannot exercise the banning.

Below the reaction of the crypto community members on Twitter regarding the case:

The crypto community is keeping a close eye on the case and trying to persuade the government to allow the regulation of digital currencies and remove the ban on them imposed by the Reserve Bank of India (RBI). The ban and the case have already affected the digital currencies as many digital payment companies have stopped their operation in India and the crypto community does not want further damage.

  • 2

About Ritika Sharma

Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

Check Also

Bearish Trends of Some top cryptocurrencies that you must not ignore

Post Views: 22 After the insane highs of Bitcoin, the crypto now seems to be …

Leave a Reply

Your email address will not be published. Required fields are marked *

Please wait...

Subscribe to our newsletter

Want to be notified when our article is published? Enter your email address and name below to be the first to know.
Skip to toolbar