What's you view on the court case ongoing in Supreme Court-Positive or Negative?

[avikz]

As we all know that Crypto Vs RBI hearing is ongoing in Supreme court. After a long time the case taken up by the Supreme Court and hearing is going on actively.

Crypto Kanoon is providing updates on every hearing directly from the courtroom when the arguments are happening. So far we have had 4 hearings after the case came back from coffin and we have detailed documentation of hearing available for us to read.

Current status: Supreme Court has ordered RBI to reply to IAMAI/Association of exchanges to their request of re-considering the banking ban. Last hearing happened on 28 August, 2019.

A consolidated list of all arguments are available in CoinDCX website as they were sponsoring the entire team of Crypto Kanoon to provide the updates to the mass. See the link below,

https://blog.coindcx.com/crypto-vs-rbi/

If you have time, I would request you all to go through the arguments starting from 8th August 2019 as many great points were discussed during the arguments. Post reading that, let us know what do you think about the outcome of the case? Do you think the case is going to be favorable for cryptos in India and pave way to new opportunities or will India continue to keep their orthodox stance against cryptos?

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[akram143]

I wish that Supreme court will lead the case in the favour of crypto currencies.

But I feel that RBI will argue that allowance of crypto currencies will increase that crime related transactions with very ease.

[sureshnsnet]

Anyway crypto currency will be going to regulate in India very soon because of already top list country are regulated the crypto like Japan and more, and coming days some big companies like Facebook and telegram launching their own crypto coin, so I hope that Indian government and RBI will getting the crypto regulations in India very soon.

[Twinkledoe]

Anyway crypto currency will be going to regulate in India very soon because of already top list country are regulated the crypto like Japan and more, and coming days some big companies like Facebook and telegram launching their own crypto coin, so I hope that Indian government and RBI will getting the crypto regulations in India very soon.

I think they will change their stance towards crypto, now that libra (fb) and ton (telegram) are introduced and many other popular institutions are following thru also. For sure, they have big number of FB and telegram users from their country. And if they see that big companies are supporting crypto where most of their constituents are already part of, I believe they will loosen up a bit and will put regulations instead of totally banning the usage of it.

[avikz]

Anyway crypto currency will be going to regulate in India very soon because of already top list country are regulated the crypto like Japan and more, and coming days some big companies like Facebook and telegram launching their own crypto coin, so I hope that Indian government and RBI will getting the crypto regulations in India very soon.

This matter was discussed in the court as well. If you have seen the arguments, there were a mention about how Japan and other developed countries have regulated bitcoin and cryptocurrecnies by implementing KYC and AML law in it. However, every country has different socio-economic scenario and their needs are different. If bitcoin is regulated then it is definitely a great news because we need fresh stimulus to the economy that is slowing down continuously! Adopting cryptos into the mainstream economy will bring more opportunities and create jobs for the tech-savy youths. I hope the government understands the positive impact first before passing out any further arbitrary decisions like RBI. 

[avikz]

This is to inform you all that yesterday the case was not heard by the judiciary bench due to other high priority matter. It is likely to be heard today.

Make sure you follow crypto Kanoon twitter handle to get minute update on the hearing.

Things are going to get interested because RBI has replied to the petition of Indian crypto exchanges which will be read in front of court today.

If everything goes well, the hearing is likely to be completed today!

[akram143]

This is to inform you all that yesterday the case was not heard by the judiciary bench due to other high priority matter. It is likely to be heard today.

Make sure you follow crypto Kanoon twitter handle to get minute update on the hearing.

Things are going to get interested because RBI has replied to the petition of Indian crypto exchanges which will be read in front of court today.

If everything goes well, the hearing is likely to be completed today!

Please update on this thread about the discussion too if possible.

I am not available o twitter to get update this.

[libert19]

Even if current case gives positive result, we have another big hurdle. That crypto ban draft bill will be presented in Parliament. If it passes it will be a complete ban.

[erikalui]

Even if current case gives positive result, we have another big hurdle. That crypto ban draft bill will be presented in Parliament. If it passes it will be a complete ban.

If RBI loses this case, the chances of this bill being passed is very less. It is only a matter of concern incase this case against RBI is lost. I don't think a case that has been dragged for a year would even get any result this year. So may be next year then.

[akram143]

Even if current case gives positive result, we have another big hurdle. That crypto ban draft bill will be presented in Parliament. If it passes it will be a complete ban.

If this is right then what is the point of arguing this case?

I don't think the bill will be passed of supreme court favours the crypto currencies.

[libert19]

Even if current case gives positive result, we have another big hurdle. That crypto ban draft bill will be presented in Parliament. If it passes it will be a complete ban.

If this is right then what is the point of arguing this case?

I don't think the bill will be passed of supreme court favours the crypto currencies.

Current case is against RBI's banking ban, while bill will be debated and passed through Parliament.

Please correct if wrong, I don't understand these things much.

[~Money~]

Now the matter is to be listed before the Court on 1st October 2019 its not a Confirmed date ,even if court judgment comes in favor of crypto then that bill will put down the court judgment,so i am not feeling positive about court..Crypto regulation can create tons of direct jobs and billions in revenue but govt doors are closed.parachute and mind works only when its open and currently our govt and rbi on other side with closed door so nothing will happen and soon or later crypto will be ban in india.



bill - https://pib.gov.in/PressReleasePage.aspx?PRID=1579759#.XTWnYn2ooAE
https://www.scribd.com/document/417445633/Alleged-Draft-of-Banning-of-Crypto-Currency-Regulation-of-Official-Digital-Currency-Bill-2019-India

[pawanjain]

I wish that Supreme court will lead the case in the favour of crypto currencies.

But I feel that RBI will argue that allowance of crypto currencies will increase that crime related transactions with very ease.

That is what expected from a country like India where criminal cases are stretched so long that the victim gives up being tired and losing all his money in the case for the prolonged period of time.

Though RBI have a chance that the Supreme court will favour the RBI ban on cryptocurrencies, you never know what might happen and the unexpected might become the reality. Now that bigger companies like Facebook and Telegram are into cryptocurrencies I think that the chances of India regulating cryptocurrencies and bringing their own coin is damn very high.

[akhjob]

That is what expected from a country like India where criminal cases are stretched so long that the victim gives up being tired and losing all his money in the case for the prolonged period of time.

Though RBI have a chance that the Supreme court will favour the RBI ban on cryptocurrencies, you never know what might happen and the unexpected might become the reality.

I wouldn't say that the current Supreme Court case against the RBI ban is being prolonged for a long time. Yes there have been cases which were dragged for a long time without judgement unnecessarily and leaving the criminals off the hook. But in this case, I haven't seen any such anomalies. No unnecessary adjournments were given, and the judges are hearing out both parties without a predetermined mind set. From the current situation, I would say that the judgement would most probably be favouring crypto.

Now that bigger companies like Facebook and Telegram are into cryptocurrencies I think that the chances of India regulating cryptocurrencies and bringing their own coin is damn very high.

Just because some major companies are launching their own cryptocurrencies, I don't think India will start their own cryptocurrency atleast not until some developed countries launch their own cryptocurrency.

[amishmanish]

Considering the arguments, the petitioners have made a good case. Yet, the court has now taken the stand that they must "respond". The exchanges have not yet gotten any such response since Justice Nariman directed RBI to do so. (Or maybe privately they have).

The next hearing will only make sense once RBI has responded to the suggestions provided by the exchanges. A lot also depends on the way things are seen in media and how much traction they gain. Do retweet the posts by Nischal Shetty, WazirX founder at his twitter handle @NischalShetty

[legendster]

Does anyone know what happened to the 25th September date? (or the 1st October date) .. Was any progress made or was it postponed? (again)

[akhjob]

Does anyone know what happened to the 25th September date? (or the 1st October date) .. Was any progress made or was it postponed? (again)

The case was listed down the order on 25th Sep and 1st Oct causelist, so the case was not heard. Now the case is listed for hearing on 15th Oct on top of the board ie. Its 1st on the causelist. So the case will definitely be heard on 15th October.

[legendster]

Does anyone know what happened to the 25th September date? (or the 1st October date) .. Was any progress made or was it postponed? (again)

The case was listed down the order on 25th Sep and 1st Oct causelist, so the case was not heard. Now the case is listed for hearing on 15th Oct on top of the board ie. Its 1st on the causelist. So the case will definitely be heard on 15th October.

Speaking from experience. Getting on the monthly causelist does not mean it'll def. be heard. It could be pushed down again. Seeing how little hype there is during these dates, I think it might not get covered either. Let's see what happens on Tuesday.

Out here in Calcutta, this date comes under the annual vacation dates. Not sure whats the case there...

[akhjob]

Speaking from experience. Getting on the monthly causelist does not mean it'll def. be heard. It could be pushed down again. Seeing how little hype there is during these dates, I think it might not get covered either. Let's see what happens on Tuesday.

Out here in Calcutta, this date comes under the annual vacation dates. Not sure whats the case there...

I have my fair share of experience in civil court proceedings as well I didn't mean that it's listed as 1st in the monthly causelist. Instead, it will be listed on top of the board which means that it will be one of the first cases to be heard on a said day ie. it will be the 1st item in the daily causelist. But yeah if the Judge doesn't feel to hear the case he may postpone it. But normally if it was ordered to be listed on top of the board, the Judge is more willing to hear the case rather than adjourning it to another date.
You can check this - https://sci.gov.in/supremecourt/2018/19230/19230_2018_5_20_17303_Order_01-Oct-2019.pdf

Edit: Just checked the daily causelist - Its listed as Item No.2 in Court No.5

[CoinFellow]

Anyway crypto currency will be going to regulate in India very soon because of already top list country are regulated the crypto like Japan and more, and coming days some big companies like Facebook and telegram launching their own crypto coin, so I hope that Indian government and RBI will getting the crypto regulations in India very soon.

Users or even people who understand cryptos in India is a very minuscule percentage. These things are far from Government's mind to take care of. I think Supreme Court on this matter will only take a stand which aligns with Government's policies and directions. In this respect, I think India would go along with what is being done internationally like the committee formed during last G20 submit.