India’s Supreme Court Delays Final Hearing on RBI Crypto Ban Case

 

 

 

The Supreme Court of India has reportedly postponed a final hearing on a case involving the Reserve Bank of India’s ban that forbids the nation’s banks from doing business with crypto-related entities. Originally scheduled for a hearing on September 11, the case is now expected to be heard by the court on Tuesday, September 18.

The case was filed by more than a dozen of India’s cryptocurrency exchanges, all of which were directly impacted by the RBI ban. According to reports, the Supreme Court chose to delay the proceedings to give the parties involved in the case time to submit their responses. Inc42 was told that at least two government agencies – the ministries of home affairs and finance – have yet to file their required submissions.

Hindu Business Line reported that the RBI ban has not prevented crypto trading in India. Instead, the country has seen a rise in cryptocurrency trading in the nation’s grey market:

The RBI order has adversely impacted the businesses of over a dozen crypto exchanges, including Zebpay, Koinex, Coindelta, Unocoin, and Belfrics, thus forcing many of them to move court. The ban also led to a massive spurt in trading of cryptos in the grey market, according to experts.

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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