1
Crypto Discussion / Indian Supreme Court Rules in Favor of Cryptocurrency — RBI Ban Lifted
« on: March 04, 2020, 11:26:55 AM »
Indian Supreme Court Rules in Favor of Cryptocurrency — RBI Ban Lifted
A historic day for the Indian crypto community, the supreme court has finally ruled on the case against the banking ban by the central bank, the Reserve Bank of India (RBI). The court held that the RBI circular which places a banking ban on the crypto industry is unconstitutional.
Supreme Court Rules: Big Win for Indian Crypto Community
On Tuesday, the Supreme Court of India finally ruled on the case against the banking ban by the Reserve Bank of India. Indian news platform Crypto Kanoon reported from the courtroom. “The Judgment Day has finally arrived,” the team said. At 10:45 a.m. in India, Crypto Kanoon tweeted:
Breaking: Supreme Court of India has struck off Reserve Bank of India’s (RBI) banking ban against crypto. The court held that RBI circular dated 6th April 2018 is unconstitutional.
The supreme court concluded hearing the arguments against the RBI ban on Jan. 28, after almost two years since it first decided to hear the case. The court heard extensive arguments from the counsel for the Internet and Mobile Association of India (IAMAI), Ashim Sood, followed by the counsel representing several crypto exchanges, Nakul Dewan. It also heard the arguments in favor of the ban by the central bank’s counsel, Shyam Divan.
The RBI issued a circular in April 2018 banning regulated financial institutions from providing services to crypto businesses. The ban went into effect three months later and banks subsequently closed the accounts of crypto exchanges, forcing some of them to shut down, including Zebpay, Coindelta, and Koinex.
India’s Crypto Regulatory Framework
The cryptocurrency community all over the world has been eagerly waiting to see what India will do about its cryptocurrency policy. The Indian government has been sitting on a draft bill that seeks to categorically ban cryptocurrencies, except state-issued ones, since February last year. The “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019” was drafted by an interministerial committee (IMC) tasked with studying all aspects of cryptocurrency and providing recommendations for India’s crypto policy. The IMC was headed by former Finance Secretary Subhash Chandra Garg who has since resigned from his position in government. Nonetheless, he still holds the view that cryptocurrencies have “a very short future,” believing that they are “essentially worthless codes.”
The bill also provides for the RBI to issue a central bank digital currency. The RBI has already been looking into this area, Governor Shaktikanta Das revealed in December last year. “As and when the technology evolves with adequate safeguards, I think it is an area where the Reserve Bank will certainly look at seriously at an appropriate time,” he said.
read more on https://news.bitcoin.com/indian-supreme-court-cryptocurrency-rbi-ban-lifted/
A historic day for the Indian crypto community, the supreme court has finally ruled on the case against the banking ban by the central bank, the Reserve Bank of India (RBI). The court held that the RBI circular which places a banking ban on the crypto industry is unconstitutional.
Supreme Court Rules: Big Win for Indian Crypto Community
On Tuesday, the Supreme Court of India finally ruled on the case against the banking ban by the Reserve Bank of India. Indian news platform Crypto Kanoon reported from the courtroom. “The Judgment Day has finally arrived,” the team said. At 10:45 a.m. in India, Crypto Kanoon tweeted:
Breaking: Supreme Court of India has struck off Reserve Bank of India’s (RBI) banking ban against crypto. The court held that RBI circular dated 6th April 2018 is unconstitutional.
The supreme court concluded hearing the arguments against the RBI ban on Jan. 28, after almost two years since it first decided to hear the case. The court heard extensive arguments from the counsel for the Internet and Mobile Association of India (IAMAI), Ashim Sood, followed by the counsel representing several crypto exchanges, Nakul Dewan. It also heard the arguments in favor of the ban by the central bank’s counsel, Shyam Divan.
The RBI issued a circular in April 2018 banning regulated financial institutions from providing services to crypto businesses. The ban went into effect three months later and banks subsequently closed the accounts of crypto exchanges, forcing some of them to shut down, including Zebpay, Coindelta, and Koinex.
India’s Crypto Regulatory Framework
The cryptocurrency community all over the world has been eagerly waiting to see what India will do about its cryptocurrency policy. The Indian government has been sitting on a draft bill that seeks to categorically ban cryptocurrencies, except state-issued ones, since February last year. The “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019” was drafted by an interministerial committee (IMC) tasked with studying all aspects of cryptocurrency and providing recommendations for India’s crypto policy. The IMC was headed by former Finance Secretary Subhash Chandra Garg who has since resigned from his position in government. Nonetheless, he still holds the view that cryptocurrencies have “a very short future,” believing that they are “essentially worthless codes.”
The bill also provides for the RBI to issue a central bank digital currency. The RBI has already been looking into this area, Governor Shaktikanta Das revealed in December last year. “As and when the technology evolves with adequate safeguards, I think it is an area where the Reserve Bank will certainly look at seriously at an appropriate time,” he said.
read more on https://news.bitcoin.com/indian-supreme-court-cryptocurrency-rbi-ban-lifted/