India’s Cryptocurrency Ban Regulation Hearing is Underway, Here’s What Happened Today

Supreme Court of India Crypto Regulation Hearing Pushed to Sept 12th

By the end of today, the government of India could provide significant regulatory clarity on cryptocurrency usage in the country. A major hearing is scheduled to get underway in India on Wednesday.

The hearing in front of the Supreme Court of India relates to a crypto ban in the country that was scheduled to go into effect earlier this summer. India’s central bank, the Reserve Bank of India, issued a directive stating that all regulated banks and financial institutions in the country would be forbidden from dealing with cryptocurrency exchanges, blockchain companies, and cryptocurrency users starting on July 6.

Now, the dispute is in front of the Supreme Court of India. Advocates argue that India’s central bank is stifling innovation, while supporters of the ban claim that banks are limiting liability in an uncertain field.

The meeting was initially scheduled for Tuesday, September 11. That’s when /u/Mishal posted on Reddit saying:

“Major India Crypto Hearing Today – Wave of new customers if restriction is uplifted.”

However, the meeting was postponed until Wednesday, September 12 “due to another lengthy matter before the court.”

Crypto Kanoon has done a great job of keeping everyone up-to-date on the Indian regulations on Twitter. Mishal, the Reddit poster linked above, claims to be connected to Crypto Kanoon in some way.

The crypto-related case is a big deal: it’s taking place in Court No. 9 of the Supreme Court of India. The case, however, was 25th on the list of cases scheduled to go in front of the court on Tuesday, and the meting was postponed when other cases took too long.

A few hours later, he tweeted:

Now, the crypto case is scheduled to be heard in the second half of the day on Wednesday. The crypto-related matter should be heard at around 3:30pm, or 6am EST.

Why the Case is a Big Deal

The crypto-related case is one of the biggest cryptocurrency cases in the history of India.

The case was filed by four India-based cryptocurrency exchanges against the country’s central bank, the Reserve Bank of India (RBI).

The Reserve Bank of India issued a ban on crypto-related activities in April 2018, directing banks and other regulated financial institutions in the country to stop providing services to cryptocurrency exchanges and other industry participants within three months.

On July 3, exchanges filed a last minute petition to grant a temporary stay against the directive from the Reserve Bank of India, just days before that directive was scheduled to take effect on July 6.

On July 20, meanwhile, the Supreme Court of India heard “limited arguments” from lawyers on behalf of the Internet and Mobile Association of India (IAMAI), a body that domestic exchanges are part of, and the central bank.

The Reserve Bank of India maintains that it has a valid, “extremely cautious” stance towards the crypto industry.

Meanwhile, blockchain and cryptocurrency supporters claim that Indian cryptocurrency adopters and blockchain startups are losing ground compared to other countries due to the restrictive policy.

The Case Could Provide Much-Needed Regulatory Clarity in India

India does not currently have any specific regulations for ICOs. Anyone who wishes to carry out an ICO, however, will need to follow Indian financial laws. Aside from that, the government of India hasn’t issued significant regulatory clarity regarding the use of crypto or blockchain in the country. However, there have been reports of banks in India closing accounts if they find any suspicious activities related to cryptocurrencies.

As of now, the crypto case is scheduled to be heard in front of the Supreme Court of India at 3:30pm, or 6am Eastern Time in the United States. It’s possible that the case could be postponed once again. We’ll keep you posted on where this enormous crypto case goes, including whether or not it provides regulatory clarity to cryptocurrency users in India.

Major India Crypto Hearing Today – Wave of new customers if Restriction is uplifted from CryptoCurrency

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