Indian Supreme Court reschedules hearing banning cryptocurrency companies

The Supreme Court of India once again decided to postpone the Prohibition of the Reserve Bank of India (RBI) for servicing by banks of cryptocurrency companies.

As the co-founder of the Indian analyticalCrypto Kanoon platforms Kashif Raza News about another delay in the case should not upset the local cryptocurrency community. According to Kashif, the case in question was an association of various previously filed petitions and was referred to the court by the Indian Internet and Mobile Communications Association (IAMAI).

Raza stressed that the main argument in the caseThere is still an appeal against the ban of the Central Bank of India on servicing cryptocurrency companies, which was introduced in April 2018. He interpreted the latest court actions in a positive light:

“Today the RBI should have responded to the argumentspresented by IAMAI […]. It appears that the Supreme Court of India has reserved consideration of this issue mainly because it expects the parties to have extensive evidence in the case. Today, the consideration of the case was postponed so that in the future the arguments could be heard in full, both sides could be heard. Interesting events await us ahead.”

Recall that in November the Supreme Court of Indiasatisfied the request of lawyers of the Central Bank of the country and decided to postpone the consideration of the case on the ban on banking services of cryptocurrency companies to January 14, 2020. Since the ban was introduced, exchanges have been forced to adapt to it, and many of them have ceased operations in the country and moved the business to other jurisdictions.
The hearing on the case was repeatedly postponed, indue to regulatory uncertainty and the unexplained position of the country's government regarding crypto-assets. Back in the fall of 2018, the Supreme Court demanded that the government clarify its position on cryptocurrencies, and there were even reports that the country would issue regulation before the end of 2018, but this never happened.

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