Bitcoin India: Crypto court hearing postponed to 12th November

Share This Post

The Supreme Court of India has delayed the court hearing, scheduled today, further, on the case charged against the Reserve Bank of India on crypto banking restrictions. According to the court order issued earlier this month, the case was scheduled to be listed “top of the board” that gave the Indian cryptocurrency community the hope that the hearing would take place today. 

Reports state that the case was listed on the second spot in courtroom number five, comprising of three judges bench and adjourned the hearing to 12th November 2019. Usually, whenever a three-judge bench is assembled, the unlikeliness of SC hearing the crypto case decreases. Only two judges heard the previous hearings for the crypto case.

 

Ban challenged by industry stakeholders

Earlier in April last year, RBI issued a circular banning financial institutions and banks from providing services to crypto enterprises. The services prohibited by the central bank include maintaining accounts, trading, settling, clearing, registering, accepting them as collateral, giving loans against virtual tokens, opening accounts of exchanges dealing with them and transfer/receipt of money in accounts related to purchasing or sale of Virtual Currencies.

Several writ petitions were filed by industry stakeholders immediately to protest the ban, which were heard in detail on 8th August in the apex court after multiple delays. Recently, the RBI ban affected the police department in Pune city when they were unable to cash out the seized crypto from the GainBitcoin scam due to the ban. 

+ posts

A passionate writer with bachelor’s in the field of English & Journalism. Other than being a bibliophile, some of her hobbies are travelling, photography and poetry.

Related Posts

NFT Domains, what the heck are they? An introduction to Quik.com & ENS Domains

Before getting to the main question of what exactly...

Coworking, Explained.

TimesNext Recommended: BiggBang Coworking, the Best Coworking Space in...

GOI Forms Committees to Scrutinize Crypto Ads, Fake Reviews, and Ed-tech Firms

The government intends to tighten the noose to safeguard...

Global Bitcoin Use Will Reach 10% By 2030, Says Blockware

Bitcoin acceptance could be faster than that of previous disruptive...

Samsung Asset Management to Launch a Blockchain-Themed ETF

Samsung Asset Management (SAMHK), a Hong Kong-based subsidiary of...

EU Lawmakers to Ban Sales of New Combustion Engine Cars From 2035

On Wednesday, the European Parliament backed a proposal to...