As we all know, today is a big day for the cryptocurrency exchanges based out of India. The Supreme Court has said, today it will decide whether the exchanges, can continue to function on the basis of an INR-crypto platform.
Readers may note that the petition was filed by the exchanges after the Reserve Bank of India stated that banks falling under the purview of the central bank will have to stop functioning with crypto platforms in three months starting from April 2018.
On Thursday evening, Twitter handle @cryptokanoon said, “Supreme Court will not pass the final judgmnt 2mrw. It wil hear arguments either in full or in part.Part-heard matter can b adjourned for a later date. It can also reconsider to pass interim stay order on RBI banking ban on Crypto. #rbiupdate.”
Advocate Dwaipayan Bhowmick who had filed a petition asking for regulation of cryptocurrencies exclusively told Crypto-News India, “The interim relief has not been granted. Shyam Dewan, from RBI asked the court for the final date of the hearing, following which the Chief Justice of India Deepak Mishra said it will be the 11 of September. Some of the exchanges were not present in court and they have not filed a reply yet. They are yet to file a vakalat nama. The CJI said all the proceedings should be completed in the next four weeks.”
He added, Gopal Subramaniam, an advocate representing the Internet and Mobile Association of India (IAMAI) submitted that “in the world of digitalisation, such a Circular from RBI would be a loss.”
We got in touch with CoinRecoil, one of the exchanges that are leading the forefront of the petition against RBI. Kunal Barchha, the Chief Executive Officer (CEO) said, “There were no arguments or responses done today. As court just gave next date for final disposal.And we represented just our petition, not other exchanges. I don’t know if any other exchange has made any response.”
Other exchanges such as Koinex, Throughbit and CoinDelta were in attendance, said Anirudh Rastogi, managing partner at TRA Law.