Crypto Case Adjourned By Supreme Court Based on Government’s Request
According to a recent report, the Supreme court of India has adjourned the crypto case due to a plea from the government’s counsel. The court hearing regarding the regulation of virtual currency in the country was supposed to hold before attending to the banking ban which was put in place by the central bank.
Supreme Court Hearing Today
Earlier on, the government of India was given a period of 1 month to come up with a regulatory framework for digital currency and the hearing was scheduled to take place today. However, a recent report has revealed that:
“Supreme Court has adjourned the Crypto vs RBI matter on the request of government’s counsel. Matter fixed for final arguments in 2nd week of July on a non-miscellaneous (regular) day.”
As at the hearing, the committee in charge of drafting the virtual currency regulation told the court that it was in the final stages of deliberations. This committee is an interministerial one which is been headed by the Secretary of the Department of Economic Affairs, Ministry of Finance, Subhash Chandra Garg. The court is yet to release the new date for the hearing to take place.
In April 2018, the central bank of India, Reserve Bank of India placed a ban on banks under its control which is offering virtual currency services and the accounts of customers which shows any transactions related to digital currency.
The lawyer representing the Internet and Mobile Association of India (IAMAI) in its writ petition against the RBI ban and also a partner at Nishith Desai, Jaideep Ready in reaction to the latest update said that:
“One would hope the case on the RBI circular is decided soon since the industry has been in limbo for nearly a year now.”