As of recently, India’s Supreme Court has kept the directive of prohibiting banks from offering services to the domestic cryptocurrency sector.
On Friday, the Supreme Court in India held its latest hearing against the Reserve Bank of India’s (RBI) circular – making an effort to forbid all financial institutions (including banks) to provide services to business in the crypto sector.
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The policy was first introduced in April – meant to forbade banks from allowing their own retail customers from purchasing cryptocurrencies through bank accounts. The ban came into effect on July 5 after a final hour attempt which convinced the Supreme Court to delay the ban earlier this month.
The petition needs to be approved by chief justice Dipak Misra and justices AM Khanwilkar and DY Chandrachud, with the presence of India’s attorney general KK Venugopal as well.
In the hearing, there were ‘limited arguments’ brought forward by lawyers on the behalf of the Internet and Mobile Association of India (IAMAI) which counts the domestic cryptocurrency exchanges as its members – as well as the Reserve Bank of India. Still, the final arguments need to be heard on September 11, 2018.
According to one domestic industry news resource:
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.
— Crypto Kanoon (@cryptokanoon) July 20, 2018
The senior advocate, Gopal Subramaniam, represented the IAMAI and the cryptocurrency sector, defending it against claims. He also underlined the severity of the matter and called for the hearing to take place without any further delays.
As he stated:
“The policy of RBI is of extreme caution.”
The advocate also argued Indian adopters and the wider Indian market stand to lose among global counterparts as a result of the RBI-led banking curbs.
Mr. Gopal Subramaniam, Sr. Advocate representing IAMAI submitted that in the world of digitalisation, such a Circular from RBI would be a loss.
— Crypto Kanoon (@cryptokanoon) July 20, 2018
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