India’s highest court (Supreme Court) has finally decided to hear all the cases and petitions started against the RBI’s decision of banning banks from dealing with Cryptocurrency companies. The court has set July 20 as the next date of hearing.
The supreme court which is counted as the highest judiciary of India finally set a date to hear all the matters and cases filed against the order of Reserve Bank of India (RBI).
In April 2018, RBI has made a statement saying that “entities regulated by RBI should not deal with or provide services to any individual or business entities dealing with or settling virtual currencies.”
According to this statement, RBI tired to stop the Cryptocurrency wave in India, and somehow they succeed. Due to the statement, Bitcoin price had a fall in Indian Crypto exchange, e.g. Zebpay.
But this month, many cryptocurrency traders and companies have filed cases and petitions against the RBI ban on banks dealing with Crypto companies. With this, the Indian court has received more than five petitions to challenge the RBI’s crypto ban and is not accepting any more appeal regarding this matter, the reporter said.
Some of the biggest names that filed the petition in Indian courts were the Internet and Mobile Association of India (IAMAI) that filed a petition in Supreme court of India and a Gujarat based Cryptocurrency firm Kali Digital Eco-Systems has also pleaded with the court that RBI’s guideline violates the Constitutional rights as citizens enjoy the right to carry on any occupation, trade or business.
According to the local media, The highest court of India will hold the hearing on July 20th.
Meanwhile, the supreme court has said that the petitioners can make representations to the RBI regarding their statement which is also an opportunity for the companies to showcase the benefits of Blockchain as a technology, as a Payment system, and as a data management system.