Nine months after cryptocurrency exchanges in India have taken the Reserve Bank of India (RBI) to courts, decisive action has yet to be taken. And now, the Supreme Court of India has moved the hearing to July. It is the sixth time the highest court has adjourned Crypto vs RBI.
According to a report from CCN, RBI counsel had sought a “regular day” hearing which the court typically reserves for cases whose final arguments have already been submitted. It was granted by the court, and this is seen as a strong indication that this July date will now result in an outcome.
The March date was apparently a “miscellaneous day” hearing, bunching together all manner of court cases, causing court delays in hearings and ultimately, only allowing for brief court discussion of several minutes in the congestion. This prevents plaintiffs and respondents from developing solid arguments.
As it turned out, not the ideal scenario for a complex discussion on regulatory frameworks for cryptocurrency businesses.
The added months of delay will be seen as a temporary blow to the Indian crypto commerce sector, although it will be hoped that a final answer will be delivered, determining if RBI’s initial banking ban for crypto exchanges was in fact constitutionally valid.
In January, the ban seemed to have carried on towards individuals, with an Indian crypto influencer’s account frozen after a crypto-related transaction.
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