RBI Cryptocurrency Ban in Effect until September 11 After Court Delay
On the 20th of July, India’s high court reviewed the petition against the RBI and its ban on all cryptocurrency related activities although no decision was and the hearing was further pushed until the 11th of September. The RBI’s ban on cryptocurrencies forced banks to cease all services related to cryptocurrency account holders with a deadline set in July.
India’s Supreme Court received five different petitions attempting to counter the central bank and its decision. Among those that filed petitions was the IAMAI and Kali Digital. As involved lawyers have stated, cryptocurrency exchanges and participants have turned away from the banks ban due to a conflict within the country’s constitution.
Article 19 of the constitution states that any individual may acquire any job, conduct trading activities and launch businesses as per their right. Article 14 enforces equal rights for everyone compliant with national law.
Prior to the latest hearing, every crypto-related figure in India was in high anticipation of a final decision by the court, only to have it delayed again due to a lack of strong presentation by the IAMAI and the reserve bank. As a result, the pushback until September was also decided on the fact that no other petitioners have submitted their own responses. Negative comments quickly rose after the decision, with many saying that the RBI and the Supreme Court are trying to essentially wait out the hype surrounding crypto before making a decision.
Every involved member has yet to submit their responses to the petition before September. Dipak Misra, the presiding judge alongside Khanwilkar, and Chandrachud. India’s AGI, Venugopal, and his presence was expected at the hearing, indicating that the Supreme Court maybe finally realizing how important the current situation is.