Update: The hearing has ended on August 14, the case will further be heard on August 20, 2019. Today arguments continued from IAMAI’s counsel. We may hear RBI’s side in the next hearing.
Supreme Court of India will continue to hear the RBI vs Crypto matter today. Last week, IAMAI’s counsel made cogent arguments against the RBI Diktat from April 2018. Central Bank’s Counsel may rebuttal today.
Battle For Banking Rights of the Crypto Community
Part 2 of the long awaited trial of the Battle for Banking rights of Crypto community commences today at 10:30 AM.
Will the Supreme Court dismiss RBI’s Banking Ban, that currently stops any regulated entity under RBI from supporting a business or individual dealing in Cryptocurrencies?
Or will the Ban on Banks stay? We may not find out today, but we will hear the arguments from RBI’s lawyers as the first case on the list of Court Number 4 is the #RBIvsCrypto matter.
There are several petitions filed in the Honourable supreme Court for Cryptocurrencies. The court had earlier tagged them all together. However, on August 08, the court bifurcated all the petitions into two groups.
Two petitions from Siddharth Dalmia and Dwaipayan Bhowmick seeking a ban or an action from government respectively on Cryptocurrencies are now listed from January 27, 2020. This was after the government pointed out to court they may table the draft bill for banning of cryptocurrencies in the winter session of the parliament.
The other group, the one with Internet and Mobile Association of India (IAMAI), the exchanges like Coindelta, Koinex, CoinDCX, and Kali Digital was able to argue in court against the RBI’s banking ban. The lawyers representing IAMAI argued RBI’s banking ban is a colourable exercise of power.
The counsel made its case saying RBI had done no significant research, and acted as if they had parliamentary powers, while pushing several businesses to close and multiple job losses.
At the end, the court of Justice Rohinton Fali Nariman and Justice Surya Kant was adjourned and the case was set to be heard on August 14, 2019. One day before Independence day.
Read: Full Arguments from IAMAI against RBI’s Banking Ban.
The Case Cannot be Adjourned Without Hearing
The note on the cause-list says, “No request for adjournment will be granted in any of the matter(s) listed for hearing.“
We are very likely to see the Supreme Court hear the counsels of IAMAI, the exchanges and the RBI today in the Crypto matter. It is not likely though to get a verdict today however. That shall take time.
But after last week, the crypto community seems to be pumped and eagerly waiting to see what unfolds in the Apex court today. We need to get some popcorn and wait for the arguments of this year old battle for banking rights unwind.
If you want to track the case yourself, you can do so by following our guide here: