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Posts tagged as “supreme court”

Is the government Banning Cryptocurrencies in India? Again?

Earlier today a “Breaking News” on Economic Times said – India plans lasting ban on cryptos. We dive deeper into what this means and what was not reported. Waking up to calls and messages from well wishers and those who want to know if the news is true is not a good thing. I had to collect myself, make some calls, gather information and sit down to write this article…

RBI Clarifies: No Prohibition on Banks to Open Accounts for Crypto Firms

Despite the Supreme Court Judgment in March quashing the RBI restrictions on banks to serve Crypto firms, some banks have refused to provide services to exchanges and traders. Harish BV, co-founder on one of India’s oldest cryptocurrency exchange Unocoin, filed an RTI request with the Reserve Bank of India asking if RBI prohibits banks from dealing with businesses and individuals who trade/offer cryptocurrencies. RBI replied, “As on date (May 22,…

A lawyer’s preliminary analysis of Supreme Court Judgment on RBI vs Crypto

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…

Crypto Community Rejoice, some show Caution after SC ruling on Cryptocurrency

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…

SC Clears Ground for Crypto Trading in India. My Word of Caution: Stick with Bitcoin

Today was indeed a monumental day for the crypto community in India as Supreme Court squashed the 2018 RBI circular as it fails the Test of Proportionality. This circular had prevented crypto exchanges from opening bank accounts to accept or make customer deposits. Reeling under this pressure a number of exchanges had shut their shop as they couldn’t accept deposits from their customers who wanted to buy/sell cryptocurrency. Now, following the SC order, we should witness a sea of new crypto exchanges come up in India that would allow direct…

Big Win For Crypto Community in India as Supreme Court quashes Banking Ban by RBI

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…

We have to Wait Longer for Supreme Court Judgment on RBI Vs Crypto

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…

Supreme Court to Hear Entire Argument for Crypto Vs RBI Case Again

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,…

Banking Ban: SC to Hear Crypto Case against RBI today

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…

First Crypto Exchange to Challenge RBI in Court Has Withdrawn their Petition

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…