Supreme Court of India Holds Crypto Hearing Regarding the Reserve Bank of India (RBI) Restrictions
According to a report by Bitcoin.com, a crypto hearing was held by the Supreme Court of India. The hearing was over writ petitions challenging restrictions on banking by the Reserve Bank of India.
Although the hearing was scheduled for Tuesday, it took place on Monday at the order of the senior counsel, which placed the hearing at the top of the board. This means that the case will be heard that day.
In any case, the hearing was over the Reserve Bank of India’s circular issued last April that prohibited financial institutions from providing cryptocurrency businesses with banking services. As a result, banks ceased providing services to crypto businesses and closed their accounts. Industry stakeholders then filed a petition to challenge the ban.
In addition to the court case, the legislature appears to be making headway concerning crypto. India’s legislature issued a draft crypto bill. The draft, included in a report issued by the Garg committee, is titled Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019. The bill is an updated version of another bill. It includes prohibitions concerning cryptocurrency and offenses.
Subhash Chandra Garg of the Garg Committee tweeted about the report, stating that the committee is very receptive of distributed ledger technologies and recommended widespread use in delivering financial services. Further, he added that private cryptocurrencies are of no real value and are rightly banned.
Committee is very receptive and supportive of distributed ledger technologies and recommends its widespread use in delivering financial services. It also opens up door for a possible official digital rupee. Private crypto currencies are of no real value. Rightly banned.
— Subhash Chandra Garg (@Subhashgarg1960) July 22, 2019
It appears that although there is support for a digital rupee, private cryptocurrencies do not have the same support and are thought to be valueless. According to a report by Bitcoin.com, the same position was taken by the report, which found that there is no fixed nominal value concerning private cryptocurrencies, they have no store of value, and they are not a medium of exchange.