Bitcoin Forum

RBI V/s Cryptocurrencies: Supreme Court Pushes Back Date of Hearing in July

The court stated that it would not entertain any more petitions regarding the April 6 circular that was issued by the RBI banning banks from having any kind of working relationship with cryptocurrency exchanges in India.

The case was being heard in the CBI court on Thursday. A three-bench led by Chief Justice of India, Dipak Mishra, DY Chandrachur, Ajay Manikrao Khanwilkar were hearing the matter. Last week RBI had sought transfer of cases as there are too many cases of same kind in other courts such as Delhi High Court and Calcutta High Court, which was granted.

News Link (https://www.crypto-news.in/news/breaking-rbi-vs-cryptocurrencies-supreme-court-pushes-back-date-hearing-july/)

I think its gonna be very volatile situation in Indian crypto market in June end as last date for banks to comply with RBI order is 5th July and hearing is postponed after that, those who will make right guess at right time may win a lot.

This pretty much closes the door for all crypto exchanges in India. The Court has not given any interim relief.
The next date of hearing is after the 3 month grace period given by RBI. So exchanges have to shut down and then wait for the courts to adjudicate.

I am sure it is a tactical move by the government and to drag the situation, it is a difficult situation for all the users as some will be forced to sell off their coins because of fear but what they are doing is forcing crypto related companies in India to shift to other locations and they are shuffling the entire echo system. The current government might have an agenda because majority of the politicians does not have any common sense ;D and i am not sure how this will end.

I don't think the government is behind the move by the court to postpone the hearing. Our courts are anyway inefficient.
If the government was really worried about Bitcoin, they could impose an outright ban.

It is really hard to predict what's gonna happen. A lot will depend on how expensive of a lawyer the exchanges can hire. The arguments from the government side can be very simplistic and straight forward.
For those in support of bitcoin, making it sound like it is about privacy, decentralization and Freedom of choice and not about Money laundering will be pretty hard. That too when most of the evidence will point to the fact that most of the "mota asamis" in Tier-1, Tier-2 cities were able to divert their cash into buying bitcoin.

It is going to be an interesting battle of wits. A lot depends on the presiding judges too. How progressive they are going to be on this issue and whether there will be any political compulsions involved.

The Prime Minister seems to be pretty pro-blockchain and pro-cryptocurrency. Would that have any bearing on Misraji? What other political angles can come into this? There is the "terrorist, money-laundering, black money, 15 lacs" issues.

Even if they impose a ban people would still trade and the only thing they wanted is to shut down the exchanges and they are doing it by stopping the flow of money and i am not sure what to take from this situation as all the exchanges will be trading only in crypto and not with INR making it impossible to deposit or withdraw which pretty much sucks to the core.


These are the things they can showcase but if they can regulate the entire market then they can make it impossible to make these illegal transactions, even without regulations the exchanges are pretty strict with their KYC policies and this will eliminate bad players as all the transactions are open and it can be linked.

This kills every hope that we people were having. The date is scheduled 15 days after the July 5, which means exchanges are going to be non operational. The interim relief we guys were hoping are all gone. Also any new PIL cannot be filed in High Court.
Given the state of affairs in India, I wouldn't be surprised if date gets further postponed. I have lost all the hopes I had.

Nothing is going to stop you from buying bitcoins at this point in time. Exchanges still have their banking links, although these will be plugged in one month's time. So load up on bitcoins when you can. :)

True this is the last chance of sweet price haha , load up as more as you :P before you regret very much in the end of the year xD

Clearly, all the current Indian exchanges are turning into Crypto to Crypto. LocalBitcoins is enforcing KYC as well, which makes it risky to be involved if RBI does not allow banks to participate in Crypto trading.

So, how do u plan to sell even if the price goes up in 2019?