Reserve Bank of India’s circular restricting banks from serving crypto exchanges and traders was quashed by the Supreme Court of India on March 04, 2020. However, RBI has not revised its circular nor has it redacted it from the site. RBI refused to provide any information on the RTI request raised by Coin Crunch India including that of their policy on Virtual Currencies and on Central Bank Digital Currency (CBDC).…
Posts published in “Regulations”
Essentially after the Supreme Court Judgment it appears, there is still need to develop more technical literature on the subject matter and therein lies an open opportunity to reBuild, reEducate, reIgnite, reMeet, reLearn from the previous experiences of successes and failures and build a more robust and engaging environment for non traders to enter, student to experience and tech enthusiasts to build in this Industry. The 2 year long skeptical…
Lifting of the ‘Banking ban’ on cryptocurrency in India by the Supreme Court has brought joy to crypto players, but some are asking to stay alert. Supreme Court of India quashed the Two year old circular by the RBI, which prohibited regulated entities from providing services to crypto businesses and traders. The news spread like wildfire in and outside India, as excitement runs high in the community. So how are…
The Reserve Bank of India in April 2018 pushed a circular that prohibited banks and other entities from servicing companies or individuals dealing in Cryptocurrrencies. India’s top court has said this circular aka ‘Banking Ban’ has failed the test of proportionality. India’s Crypto Community can rejoice today as the Supreme Court has quashed the Reserve Bank of India’s ‘Banking Ban’. Crypto exchanges and individuals will now be able open bank…
Update: Supreme Court has Quashed the RBI circular on March 04. 2020, deeming it unconstitutional. Almost 2 years after the Reserve Bank of India put a Banking restriction on Crypto Businesses and traders, all eyes are on Supreme Court to decide whether that move remains valid or not. The arguments concluded on January 28, and the judgment has been reserved by the three judge bench since. On January 28, 2020…
Update: Supreme Court has Quashed the RBI circular on March 04. 2020, deeming it unconstitutional. The three judge bench on Tuesday said they want to hear the entire Crypto Vs RBI matter from the beginning. Ashim Sood, counsel representing IAMAI argued for a few minutes before the Court adjourned for the day. After several adjournments, the most awaited trial in India for the Crypto Community finally reached hearing on Tuesday,…
Update: Supreme Court has Quashed the RBI circular on March 04. 2020, deeming it unconstitutional. The Apex Court has listed Crypto Vs RBI matter “on top of the board” on October 15. The case has been heard by Justice Rohinton Fali Nariman and Justice Surya Kant until now. On October 15, the three judge bench will include Justice V. Ramasubramanian as well. After hearings on August 8, August 14, August…
In July, DEA’s report on Virtual Currencies recommended a complete ban on Cryptocurrencies. But, DEA’s 2019 report from Steering Committee on Fintech Related issues acknowledges the potential of Cryptocurrencies, Blockchain and ICOs. The Steering Committee on Fintech related issues constituted by the Ministry of Finance, Department of Economic Affairs submitted its Final Report to Finance Minister Nirmala Sitharaman. The report is published on DEA website. The Committee was constituted post…
Kali Digital, the company behind CoinRecoil was the first exchange to challenge RBI’s Banking Ban in Delhi High Court. The Supreme Court had then ordered all related cases to RBI’s Banking Ban be transferred to Supreme Court. Kali Digital Withdrew its case from Supreme Court in August 2019, more than a year after fighting it along with IAMAI and other petitioners. Update: Supreme Court has Quashed the RBI circular on…
Update: Supreme Court has Quashed the RBI circular on March 04. 2020, deeming it unconstitutional. In the latest hearing for Crypto vs RBI, the supreme court has directed RBI to respond to representation made by IAMAI back in May 2018, point by point. The court noted that RBI had simply forwarded the representation to the inter ministerial committee instead of addressing the points raised by IAMAI. The next hearing date…