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Crypto Vs RBI: Supreme Court to Hear Matter on November 20

  • On October 20, After a short hearing on the crypto matter, SC set Nov 20 as the next hearing date. 
  • Court ordered the government to submit an affidavit detailing the progress of deliberations over cryptocurrency regulations, in two weeks.
  • According to Supreme Court website, no such affidavit has been submitted to court yet.

One more of those anticipatory days are here. We stay glued to the Supreme Court website to see if the Cryptocurrency matter is listed on the display board or we follow some twitter handles and hope they will provide the information asap. The court hearing for Cryptocurrency matter is here again. 

After several adjournments between September 11, the original date for the case to go into hearing for final disposal, and October 25, the case was ‘finally‘ briefly heard. Only to get a new date of November 20 of course. Cue GIF. 

Sunny Deol’s Tarikh Pe Tarikh dialogue is still relevant after 25 years.

Time allocated for Government to Respond

A push to November 20 was necessary. After the bench with justice Rohinton Fali Nariman and Justice Navin Sinha were informed about “a Committee deliberating on the very matter”, aka Garg Committee, they ruled that the Union of India must submit an affidavit within two weeks to court and set the new hearing date to November 20. 

The affidavit is supposed to provide more information about the current stage at which the committee is and how much time until government comes out with a policy decision. 

At the time of this writing, the supreme court website records indicate no new submissions. It is possible we hear about the developments directly during the court hearing, a lawyer who did not wish to be named predicts. The lawyer is close to the matter.

Will the Case be heard on Tuesday?

The current cause list has put the Crypto matter on Number 38 in Court 7. Usually, old cases are heard in detail unless either of the parties need more time, then they get a new date – Tarikh pe …. 

So, if other cases are being heard and if they take time, or lawyers from any side in the crypto matter ask for more time, we might see the matter being adjourned to the next day or another date. 

Supreme court will go into Winter vacation from December 15, 2018 until the first week of January, 2019. It won’t come as surprise if the case is pushed to next year. 

A short update on Indian Cryptosphere

Four months since the RBI deadline for banks is over, seven months since it was first announced, nine months since Finance Minister Arun Jaitley said Bitcoin is not recognised as a legal tender, what is happening? 

Honourable Supreme Court has clubbed all the cases related to Crypto regulations into one, which is now to be further heard on November 20. 

Read: Interview with a Supreme Court Lawyer on Crypto Matter

Exchanges have seen a sharp decline in trade volumes. Zebpay, India’s largest cryptocurrency exchange shut shop. Unocoin launched a cash kiosk to cater to their customers, branded it like an ATM, which eventually led to the co-founders’ arrest

A press release about the 19th Financial Stability and Development Council revealed that Garg committee is inclining towards banning the use of cryptocurrencies in India. 

Now, the good news. Innovation in the crypto exchanges is in bull-mode. Exchanges found a way to beat the RBI diktat with Peer to Peer crypto trading and INR transactions.  

Bitbns is the first exchange in India to launch a bracket order service with trailing stop loss. Koinex introduced Crypto gift cards. More and more crypto and blockchain meet-ups are taking place in India, including one from Binance on November 24, in Gurugram (Gurgaon).

Nischal Shetty, CEO of WazirX has started a social media campaign to ask the government for positive crypto regulation. He tweets everyday to government officials. Exchanges such as Coindelta and CoinDCX have launched their android apps

Crypto arbitraging platforms such as Koinknight, cryptoniffler, cryptdates are releasing updates to improve the accuracy and increase profitability for Indian traders. All in all, business seems to be usual albeit the volumes, but if the governments brings a ban, what will happen to the entire ecosystem operating within in India?

So here’s putting all are eggs in one basket, aka the Supreme Court Hearing.

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