The apex court of India has further deferred the IAMAI vs RBI case from 19th November till January 2020. The ‘IAMAI vs CBI’ case has already been serving as a low priority case since August 2019 after being adjourned by the Supreme Court for two weeks as part-heard.
According to the Supreme Court’s notice, the next hearing will be taking place on 14th January 2020. Various assumptions have conjectured Indian Parliament to visit the drafted bill titled ‘Banning of Cryptocurrency & Regulation of Official Digital Currencies’ in the Parliament’s winter session.
Nevertheless, the winter session of Parliament started on 18th November with no mention of the draft bill.
Earlier, it was reported that the Internet and Mobile Association of India (IAMAI) challenged RBI’s circular prohibiting banks & financial institutions from providing services concerning cryptocurrencies and stated in the house of the court that the government body didn’t have any right to place a ban when there has been no legislative policy in place for virtual currencies.
India’s orthodox outlook on crypto
Earlier during the annual meet for International Monetary Fund and World Bank, Finance Minister of India, Nirmala Sitharaman, stated that many countries were giving advice not to jump into cryptocurrencies. She said, “Many cautioned to the extent saying even the name should not be a stable currency, it should relate to virtual currency or something of the kind.”
China was one of the most persuasive arguments in the ‘draft bill’ that repelled the usage of crypto at that time, but with the technical advancements of China that have accepted the potential of virtual currencies and has even launched its stablecoin, the draft stands still. Where various countries have changed their opinion on cryptocurrency, India still stands firm with its orthodox outlook.