Supreme Court Of India Decides To Change The Cryptocurrency Ban Petition Date
On July 20th, 2018, The Supreme Court of India again postponed the hearing regarding the cryptographic forms of money, because of insignificant activity from SEBI with respect to the request of looking for regulation of digital money in India. The new date for conclusive contentions has been set to September 11th, 2018.
The most recent hearing which has been carried out on July 20th, 2018, against the Reserve Bank of India’s mandate taken on April 5th , 2018, which essentially prohibited all the money related establishments in India from having any kind of activity with digital forms of money, does not shock anyone. The hearing had insignificant contentions delivered by lawyers defending the Internet and Mobile Association of India (IAMAI) and the Reserve Bank of India. The lack of conclusions from grandee experts in response to professional crypto sector constrained the highest Indian judicial court to concede the date of hearing once again.
Gopal Subramaniam who is the senior lawyer in this case and who is representing the IAMAI and professional crypto sector indicated the high stakes surrounding the anti-crypto RBI circular and called for urgent hearing without any further fuss.
As for the opposite side, Shyam Divan who is the senior lawyer of RBI, shares the same feelings about unnecessary delays. Nevertheless, he as well argued that cryptocurrency could become a gateway for unauthorized operations in India.