Date Of Hearing For The Cryptocurrency Ban Extended To September

The Supreme Court further pushed the date to September 11^th for the final hearing on the ban of cryptocurrency services imposed by RBI.

On April 6^th, RBI released a circular regulating a total ban on all types of cryptocurrency services, to be fully enforced within 3 months. Following that, the Internet and Mobile Association of India filed a plea against this rule. The Supreme Court, after hearing all arguments refused to remove the ban.

Mr. Gopal Subramaniam, Sr. Advocate representing IAMAI submitted that in the world of digitalisation, such a Circular from RBI would be a loss.

— Crypto Kanoon (@cryptokanoon) July 20, 2018

However, the court was adamant to hear all the arguments. But there was only a limited argument placed from the RBI and the IAMAI. Also, the Security and Exchange Board of India (SEBI) and a few others didn’t present their response date for the hearing; the hearing date was extended to 11^th of September.

The attorney on behalf of IAMAI, Mr. Gopal Subramaniam, stated that a world where digitalization is heading to its peak point, such a circular from RBI restraining the use of more secure technologies would be a backward step for the world.

Limited arguments were advanced on behalf of IAMAI and RBI today. Since SEBI and few others have not filed their response to the Petition seeking regulation, so the Court directed for completion of pleadings. Final arguments on 11th September.

— Crypto Kanoon (@cryptokanoon) July 20, 2018

This circular, as well as the final hearing, is highly anticipated by all the companies and financial institutions giving services in cryptocurrency. Although, the extension in hearing dates have crippled the services, and the companies have shifted to different exchange methods like the peer-to-peer network. Many companies have also opted for crypto-to-crypto pairs as the INR facilities aren’t available yet.

The industry is suffering a huge downslope in their business, but they are still in the hope that the decision might come in their favor.

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