Supreme Court disses RBI over crypto ban in India

[Melloiga]

The courtroom battle between India’s cryptocurrency exchanges and the central bank seems to be going in favor of the former. With the potential threat of a crypto ban in India, both RBI and crypto stakeholders in the country continued their arguments before the Supreme Court.

In the hearing, the SC judge questioned the RBI about choosing to ban crypto trading when it could regulate it. The court compared the crypto trading market to that of stock. It rightly pointed out that if the stock market can be governed despite the investment risks, then so can be the crypto market.

More Here-> https://askrypto.com/news/2019/08/supreme-court-disses-rbi-over-crypto-ban-in-india/

[erikalui]

“Case takes the most unlredictable turn. Justice Nariman directs that RBI must respond to the representation in the manner appropriate. Offers to defer the case for 2 weeks as part heard, let the answer come on reconsideration of banking ban by RBI. RBI has agreed.”

https://cointelegraph.com/news/india-supreme-court-gives-central-bank-2-weeks-to-justify-crypto-ban

I am glad that atleast RBI was made to answer and was questioned by the Judge. Now hope this will be the last hearing before they make the decision but don't want to have high hopes to be crashed later. If RBI manages to convince SC, crypto will most probably see its last days. Kali Digital already withdrew their petition against RBI as they don't want to fight more due to financial problems.

[eaLiTy]

I am glad that atleast RBI was made to answer and was questioned by the Judge. Now hope this will be the last hearing before they make the decision but don't want to have high hopes to be crashed later.

Hopefully we will have a verdict soon, the point made by the judge was awesome, if stock exchanges can run why not the crypto exchanges and if the IAMAI can come up with good counters for the arguments made by RBI then the possibility to win the case is really high, not sure what the government will put pressure on the Judiciary to delay the verdict yet again as we are seeing some strange things in the past few years.

[iamsheikhadil]

That's how it should work, like, unless they can regulate it, how can they think to decide to ban or unban anything lmao. And how can they regulate a decentralized currency Bitcoin is out of their power and they know it and they may weep and make a river

[libert19]

That's how it should work, like, unless they can regulate it, how can they think to decide to ban or unban anything lmao. And how can they regulate a decentralized currency Bitcoin is out of their power and they know it and they may weep and make a river

It's not about regulating Bitcoin or other crypto, more about their conversions to fiat.