[2018-07-20] Indian Supreme Court Heard Crypto Petitions Today but RBI Ban Stays

[maarx]

India’s Supreme Court heard the petitions against the crypto banking ban by the Reserve Bank of India (RBI) today. After hearing some arguments from both sides, the court decided to set another hearing date, allowing some of the regulators involved to respond to the petitions.

https://news.bitcoin.com/indian-supreme-court-crypto-petitions-rbi-ban-stays/

Another Hearing Date Set

Indian Supreme Court Heard Crypto Petitions Today But RBI Ban StaysThere are at least five writ petitions filed against the RBI ban. However, according to Crypto Kanoon, “SEBI [the Securities and Exchange Board of India] and few others have not filed their response to the petition seeking regulation…All (remaining) parties to file their reply within 4 weeks.”

Sohail Merchant, CEO of crypto exchange Pocketbits, commented on the outcome of today’s hearing:

Final hearing [is] slated for 11th of September. Now that is the Judgement Day.

11th September should be a day in favor of crypto and exchanges? What do you think?

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[darkangel11]

I think that since the government officials in India were laundering money with crypto the court will be biased. You have to understand that all countries are more or less corrupt. The judges are appointed by the government and every  government likes to have their own people in important places. If party A was in charge and had courts under control, when party B comes it will appoint its own lawyers and since A was using cryptocurrencies B will try to distance itself from that, at least for some time.

[Tylev]

To predict the results of the September 11 hearing in the Supreme Court of India, one must know the essence of the motions. The court will consider the formal side, that is, whether the Reserve Bank of India has exceeded its authority due to a disputable order to its lower banks. He will not consider the issue of the crypto currency. However, the decision of this court will affect the fate of the crypto currency in this country. We certainly can not say whether the bank exceeded its authority, because we do not know. Since the Crypto-currency and the crypto-exchange exchanges have appeared recently, it is unlikely that the powers of the Reserve Bank will be said about this. If the court is unbiased, it is more likely that the decision will be in favor of the crypto currency.

[veleten]

this has been dragging for quite a while,reminds me of Russia
with its banning/legalizing cryptocurrencies (according to the news,of course) every other month
in India it is most likely that the ban will stay and the ruling will not be in favour of crypto
Central banks are states of their own and their decisions superceed the ones of the goverments of the coutries
unless the RBI stance changes,the ruling is going to be not in favour of cryptocurrencies IMHO