Indian Supreme Court Delays Hearing on Crypto Ban, Expects Slew of Comments
Marie Huillet's original article for cointelegraph.com reduced by 76%
The Supreme Court of India has chosen to delay its full hearing of a high-profile case against the Reserve Bank of India's ban on banks' dealings with crypto-related businesses. In an interview with Cointelegraph on Jan. 14, Kashif Raza - co-founder of the Indian crypto regulatory news and analysis platform Crypto Kanoon - recapped what is at stake in the case and argued that news of the delay need not dishearten the local crypto community.
As previously reported, Indian crypto exchanges and other industry firms have faced a moratorium on banking services since the Indian central bank, the RBI, implemented a ban on banks' dealings with crypto businesses back in April 2018. "Today RBI was supposed to reply to the representation filed by IAMAI It seems that the Supreme Court of India today passed over the matter primarily because the court expects there to be longer arguments in this case, which could take their entire week. They gave it a pass so as to allow in future for a full-fledged hearing of the arguments, to listen to both parties.
So interesting times ahead.". "The best part is that the court is willing to hear the matter, the court has not adjourned the matter, it has only passed over [it] I think it's a very good sign, the court is willing to give both sides a fair chance to present their arguments cheer up!". Prominent domestic crypto exchanges such as WazirX had been forced to transform its business model into a P2P platform so as to avoid in-house crypto-fiat conversion, while other exchanges, like Coindelta, have been forced to terminate services altogether in light of the adverse operating climate for crypto businesses in the country.
The draft bill - entitled "Banning of Cryptocurrency & Regulation of Official Digital Currencies" - reportedly intends not only to impose a complete ban on the use of crypto in India but also to pave the way for a "Digital Rupee" issued by the Reserve Bank of India.
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CN [too long; didn’t read]
Summarised crypto news.