The Supreme Court In India Sets Jan. 15, 2019 As New Hearing Date To Listen To Crypto Ban Petitions
The highest court in India has finally set a hearing date to be used to listen to petitions that have been advanced against the use of cryptocurrencies. The ban, which had been put in place by India’s regulatory bank has been facing a lot of criticism from many crypto users both in the country and across the globe.
It is important to note that India happens to be one of the most populous countries in the globe and one that is leading in tech advancements and startups. The local crypto community has been campaigning vigorously in the last few months via social media to have the bank either come up with better regulations or completely withdraw the ban in place.
Crypto Ban Hearing Date
Reports emerging from India indicate that the highest court in the land has already set a date to listen to the arguments being forwarded by the crypto community. The Central Bank of India, which is also known as the RBI or Reserve Bank of India had issued a statement earlier this year indicating that crypto use would no longer be tolerated in the country.
In its statement, the RBI noted that the local banking institutions would no longer be allowed to provide crypto-related services to the populace as well as to other businesses operating in the country. Once the circular came into effect, it meant that local financial institutions had no option but to close down all the crypto exchanges and accounts being operated by local businesses and entrepreneurs.
However, this may soon change if the statement that has been circulating in the social networking account—Twitter is any indication. According to the circular, the Supreme Court has scheduled a hearing to be held on the fifteenth day of 2019 to try and resolve the cryptocurrency case.
It is worth noting that the same court had scheduled another hearing that was to be held in the month of September 2018 but which never materialized. The court said that it would listen to the case on another date before directing that the national government submit its counter-arguments within a period of fourteen days from October 25.
The national government was required to provide a detailed report of the progress that had already been achieved in the regulation of cryptocurrencies.
RBI Receives Official Backing From The Economics Ministry
Quartz reports that the national authorities have already submitted its official affidavit, which states that it expects that a supervisory framework to be in place by the last month of 2018. A local news agency went on to note that another affidavit filed by the finance ministry in the country had backed the position taken by the RBI on the crypto ban.
The agency went on to state that the all-inclusive committee drawing members from different ministries had been set up in the last year to submit proposals on some of the supervisory measures that should be adopted. The committee is expected to have two final meetings in the last month of 2018 and in early 2019.