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.