The Indian Supreme Court has postponed the hearing on Reserve Bank of India’s (RBI) case related to crypto businesses.
Ever since the RBI implemented its ban on crypto dealings at banks in April 2018, crypto firms and exchanges in India have had a very tough time. Many petitions, both public and industry-related, have been signed. More than this, the decision has been taken to courts and called unconstitutional. The Internet & Mobile Association of India (IAMAI) is the non-profit body that appeals to the government when it comes to such matters, and the one that brought the case to court.
The Court’s Action Regarded as Positive
Kashif Raza, the co-founder of India-based analysis and regulatory news platform Crypto Kanoon, says the case’s principal contention is to appeal the ban on the grounds of being unconstitutional. He also commented that the latest action taken by the court is very positive, these being his own words:
“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 Indian Crypto Climate is Adverse
The ban had brought quite the extensive toll for the Indian crypto industry, with exchanges like WazirX being forced to go P2P so that in-house crypto to fiat conversions are avoided, and Coindelta terminating is services altogether. Uncertainty seems to be the word of the moment, as in the fall of 2019, the Indian government had delayed introducing a contentious draft bill on crypto banning. The bill dubbed “Banning of Cryptocurrency and Regulation of Official Digital Currencies” doesn’t only intend to ban using crypto in India, but also to make things easier for RBI to launch the Digital Rupee.