The Supreme Court of India called on for hearing on Monday the writ petitions challenging the banking restriction by the Reserve Bank of India (RBI). After hearing from the RBI’s counsel, the court wrapped up the case for the year.
The case against the crypto banking restriction by India’s central bank was scheduled for hearing by the country’s supreme court on Tuesday.
However, the court called on the case for hearing on Monday at the request of the senior counsel for the RBI, who requested an adjournment of the crypto case as he is currently engaged in another ongoing supreme court case.
Reserve Bank of India (RBI)
The Reserve Bank of India (RBI) is the central bank of India, which was established on April 1, 1935, under the Reserve Bank of India Act. The Reserve Bank of India uses monetary policy to create financial stability in India, and it is charged with regulating the country’s currency and credit systems.
The RBI issued a circular in April last year banning regulated financial institutions from providing services to crypto businesses. The ban went into effect three months later and banks subsequently closed the accounts of crypto exchanges, forcing some of them out of business.
Indian Law on Cryptocurrencies
A number of stakeholders in the industry immediately filed writ petitions challenging the ban, which the supreme has been slowly hearing. Meanwhile, a number of cryptocurrency exchanges have launched peer-to-peer (P2P) trading to help their customers buy and sell cryptocurrencies using INR.
The supreme court’s delay follows another delay relating to cryptocurrency.
Days ago, Lok Sabha (The Lok Sabha or House of the People is the lower house of India’s bicameral Parliament, with the upper house being the Rajya Sabha) published the agenda for its Winter session which the Indian crypto community immediately noticed has no mention of cryptocurrency.
The committee submitted its report containing recommendations and the draft bill to the Ministry of Finance back in February. The report and bill were made public in July.
The government has previously told the supreme court that a cryptocurrency bill may be introduced in the Winter session of parliament.
Meanwhile, the Indian crypto community has been actively campaigning for the government to re-examine the IMC recommendations because they believe that the bill is flawed.