Supreme Court Of India Postpones Reserve Bank Of India Cryptocurrency Ban For The Third Time
The Supreme Court of India postpones the crypto ban hearing for the third time in as many months leaving crypto investors in the country with doubts of a possible appeal ruling on the blanket ban.
The Supreme Court of India postpones hearing on the impending crypto regulation ban proposed by the Reserve Bank of India (RBI) to November. The court sent out its response on the hearing to the legal representation of the cryptocurrency firms on Oct. 15, the date the court was expected to resume hearing the case.
The Third Postponement of the Case. Still On?
Earlier in the year, RBI set banking regulations against trading or using cryptocurrencies effectively causing a shutdown of a number of exchanges in the country. This has led to extensive court battles that oppose the blanket ban on crypto in India but no concrete resolution has been met yet. In a statement from the courts, the arguments against the proposed ban are scheduled to be heard by a three bench judge on November 19th this year.
“Upon hearing the counsel the court made the following order … List on Tuesday, the 19th November, 2019 as first item, subject to overnight part-heard, if any.”
Prior to the change, the case was placed top of the board in the list of cases to be heard by a two bench judge on Oct. 15. However, following the announcement, this counts as the second time the case has been postponed – September 25th being the original hearing date. The case has been dragged further down the list reducing the chances of the case being heard at all.
One Indian crypto media outlet, Crypto Kanoon tweeted the details of the proceedings stating the case was listed as No.2 in the fifth court. He further tweeted,
“Since three judges bench has assembled today in Court no. 5, the court could not hear the case and adjourned the hearing to 12th November 2019.”
The possibility of the case being heard is quickly diminishing as it gets pushed lower the hearing chain. A post on Bitcoin.com claims the reallocation of the case to a three bench judge from a two bench judge in the Supreme Court is usually a signal that the case will not be heard.
RBI Denies Blanket Crypto Ban
In June this year, India’s central bank released a report denying any involvement in issuing a blanket ban on cryptocurrencies. The bill, drafted in April, is likely to be passed through denying cryptocurrency players freedom to
“maintaining accounts, registering, trading, settling, clearing, giving loans against virtual tokens, accepting them as collateral, opening accounts of exchanges dealing with them and transfer / receipt of money in accounts relating to purchase/ sale of virtual currencies.”
RBI further announced plans to integrate blockchain technology in its research and development department which has left a number of investors rather shocked.