The case, against the RBI’s ban on banks dealing with crypto, presented today at the Supreme Court of India. The ban was put by the Reserve Bank of India (RBI) in April 2018. The main agenda underlying the ban was to stop the banks to deal with crypto firms and companies. However, the cryptocurrency is still allowed in India to be traded and held by the people.
Reserve Bank of India put Ban in 2018
From 2018, the crypto exchanges and the other crypto-related startups are facing many challenges as the RBI disowned their right to make deals with the banks by implementing strict rules and regulations.
Since the time of banning, the industries integrated with crypto and blockchain protested strongly against the RBI and called the decision ‘unconstitutional’. Today’s hearing at the court was the result of the various petitions that have been filed since the time of the ban.
Here, the most interesting thing is that the case was filed by the Internet & Mobile Association of India (IAMAI). The main aim of IAMAI is to unlock the internet and mobile related opportunities in the country.
Kashif Raza, the co-founder of Crypto Kanoon, the crypto media platform, said during an interview with Cointelegraph:
Today RBI was supposed to reply to the representation filed by IAMAI […] It seems that the Supreme Court of India today passed over the matter primarily because the court expects there to be longer arguments in this case, which could take their entire week. They gave it a pass so as to allow in the future for a full-fledged hearing of the arguments, to listen to both parties. So interesting times ahead.
The hearing of the case in the Indian Supreme Court signals that the court is interested to solve the problem. Raza further added in Crypto Konoon’s Telegram channel:
The best part is that the court is willing to hear the matter, the court has not adjourned the matter, it has only passed over [it] […] I think it’s a very good sign, the court is willing to give both sides a fair chance to present their arguments […] cheer up!