RBI Update: Supreme Court Set To Rule On Sept 11—Fate Of Cryptocurrencies In India Will Be Decided On This Day!
Just a few minutes ago the hearing ended in the Supreme Court of India regarding the unilateral ban on banking services against cryptocurrency exchanges by RBI.
However, the result of this important hearing was that the apex court has set a date of September 11th, 2018 as final date for disposal of the case against RBI.
All parties have to file their response to the court within 4 weeks and then the court will consider all of them before passing a judgement on the 11th of September.
According to CryptoKanoon
Mr. Gopal Subramaniam, Sr. Advocate representing IAMAI submitted that in the world of digitalisation, such a Circular from RBI would be a loss.
Limited arguments were advanced on behalf of IAMAI and RBI today. Since SEBI and few others have not filed their response to the Petition seeking regulation, so the Court directed for completion of pleadings. Final arguments on 11th September.
Unfortunately there is no interim stay on RBI's ban for the time being. No relief has been provided in this matter at press time.
Let's see how things go from here. I hope a draft of the regulation as well as the responses of all the parties on this case in Supreme court will be made public in the days to come.
This is what I was expecting to happen but now all petitioners have 4 weeks to build a strong case against RBI and move the apex court of India.
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@firepower I feel that RBI intentionally wants to drag this case. Currently the situation is that people are looking at RBI if crypto will be banned or bank support will restore. Looking at world's acceptance for crypto seems RBI will not dare to ban it as if they do so then this can against current govt in power. Though India is not on top of the list of countries who contribute heavily in this market but there are lacks of Indian people who invested in cryptos. Now when govt is not supporting bitcoin then we have come so far and if govt give green signal them I am very sure that Indian can take it another level.
I am very much optimistic for RBI decision that they will come up with good news no matter howmuch time they take.
So friend, I am hoping for good news from RBI, Aren't you?
I think I kind of agree with you. The whole intention of delaying look likes they want to invest some of their own time to get deeper in to the matter and take a more serious decision.
@nids209 Even I belive there are many politician who have invested their money in the market because they don't want to regulate it then they could have banned it at the first place. I agree with your words that they need more time to explore it and come out with final decision but I personally feel that if thats the case then they should not stop bank support instead it should have been continued as it is. what you say?
I honestly feel RBI should be more serious looking into this whole matter. The decision taken by them should not be hasty.
Of course at some point in time, the crypto market has to be regulated, why can't we pay better attention now.
Muh - another 6 weeks wait - nothing at all compared to the years of freedom and usage ahead for crypto in India :)
Indians are actually suffering from these hearings. They are postponing it casually without any strong reason. Government has to settle down the case as early as possible. Hope for the best for Indians.
India is a cash based economy they love to hold the metals and I can see crypto currency’s doing well if allowed, cheers mike
Nice politics from Bank of India Filtering the black money Love to see a country growing & making lots of success
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I'm proud of our honorable court to pass the judgment after a generation passed away.
What's about you?
tarik pe tarik yar phir se. so for now until 11 september we have to trade P2P? or we can still use exchanges like unocoin or zebpay.
Dates are always being postponed.
The usual "Tareek pe Tareek" continues