India: Supreme Court Gives Central Bank 2 Weeks to Justify Crypto Ban
William Suberg's original article for cointelegraph.com reduced by 41%
India's supreme court has slammed the country's central bank over its handling of a cryptocurrency business ban and ordered it to address complaints. Judge: RBI has not properly responded to representation. In the latest session of an ongoing hearing into the actions of the Reserve Bank of India on Aug.
21, the Court ruled officials had not appropriately responded to concerns from the cryptocurrency industry over its actions. The RBI forbade banks servicing crypto operators such as exchanges in July 2018, effectively ending the ability for such platforms to continue operating in India. As summarized by advisory resource Crypto Kanoon, present at the hearing, Nariman gave the RBI just 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. Angrily says this is not an answer," one update on Twitter reads.
"Case takes the most unlredictable turn. Justice Nariman directs that RBI must respond to the representation in the manner appropriate. Offers to defer the case for 2 weeks as part heard, let the answer come on reconsideration of banking ban by RBI.
RBI has agreed..
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CN [too long; didn’t read]
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