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Indian Supreme Court Upholds Central Bank’s Crypto Dealings Ban Until July Hearing

On 6th April the circular passed around ending all dealings with crypto currency and a decision is taken by the Supreme Court of India that no petition can be filed in any High Court of India against the Reserve Bank of India’s (RBI).

A team of Indian lawyers posted in Twitter about the crypto regulatory analysis, news reports that the Supreme Court has set the next hearing date for the vacant petitions for July 20, 2018. The Supreme Court has forbidden pausing the ban of crypto by RBI’s announced that no further petitions can be filed in any High Court of India.

The Supreme Court declined last week to allow a ban required by 11 different crypto-related businesses against the RBI decision on May 17. The legal lawyer team tweeted about the Supreme Court’s decision hearing of 17th May; “any petitions already pending against RBI’s anti-crypto circular will be transferred to the Supreme Court”.

The Ministry of Finance, and the Goods and Services Tax (GST) Council, at the end of the April, the High Court of Delhi also issued a notice to the RBI stated the decision to end crypto dealings desecrated the constitution.

The public application against the ban of an online petition in India has about 44,000 signatures in front of “block chain Applications Revolution”. Tim Draper referred to the ban as a “huge mistake” by American billionaire tech investor that it could a brain drain in the country for crypto currency.

Now RBI has formed its own inter-departmental group to investigate the rewards and best options of central bank digital currency (CBDC); whereas RBI is reporting reportedly considering issuing its own CBDC and no tolerance position towards decentralized crypto currencies.

 

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