Breaking news: RBI’s cryptocurrency prohibition continues, final arguments on 11th September

The Reserve Bank of India [RBI] petitioned a ban against cryptocurrencies, as to prohibit the banks for conversion of digital currencies to Indian Rupee [INR]. The hearing of lifting or proceeding with the ban was held today.

As per the recent reports, the Supreme Court of India has not laid the ban off. The further hearing has been moved to 11th September 2018.

CryptoKanoon, a platform engaged in crypto regulatory analysis, legal awareness and news tweeted:

Crypto Kanoon tweet | Source: Twitter

Crypto Kanoon tweet | Source: Twitter

All the parties, individuals, and ventures have the timeline of 4 weeks to file their reply to the petition before the final hearing.

As per internal reports, limited arguments were advanced on behalf of Internet and Mobile Association of India [IAMAI] and RBI on 20th July. Since SEBI and a few others have not filed their response to the petition seeking regulation, the Court has directed for completion of pleadings in the month of September.

On July 3rd, the Supreme Court of India [SC] held the awaited hearing of IAMAI v/s RBI. The earlier reports also stated that SC had not granted a temporary stay. The matter escalated to 20th July which now again has been scheduled for September.

The team of AMBCrypto held an exclusive interview with the Sharan Nair, the Senior Vice President of CoinSwitch, one of the leading cryptocurrency exchange aggregators of India.

When asked why the hearing of the RBI’s circular on cryptocurrencies has been shifted to 11th September, and what does CoinSwitch think of it, Sharan Nair said, in the Indian context “it is not easy” to bring in regulations for cryptocurrencies. He also mentioned saying, “When it takes time, it is good” and it gives “enough time for evaluation” for both, the exchanges and the lawmakers.

Sharan also said, if a hasty decision was to be given today, it would be “bad for the ecosystem”. He mentioned that this gives sufficient time for the “shady companies to go away”. Considering the fact that India is still a developing country, there’s a “lack of clarity” [When it comes to regulations and protocols], said Sharan.

It is speculated that the lack of clarification could be one of the reasons why RBI has asked SEBI to file their response to the said petition.

Blockchain Lawyer added | Source: Twitter

Blockchain Lawyer added | Source: Twitter

A few Indian cryptocurrency-enthusiasts have tweeted regarding the same:

Sandeep, a Twitter user said:

“I think there is a big influence on the delay in the decision of supreme court.”

Jaydev, a crypto-enthusiast said:

“they want to imply GST even on crypto, no doubt why they are taking so much time. just add it and let us trade man”

The post Breaking news: RBI’s cryptocurrency prohibition continues, final arguments on 11th September appeared first on AMBCrypto.