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The Indian central bank (RBI) imposing blanket ban on cryptocurrency trading in the region has led to a legal tussle between IAMAI and Supreme Court of India (SCI). For now, the banking services is abstained from serving crypto-firms and the government would also be pondering over a bill to legally ban cryptocurrencies. Country’s finance ministry has also proposed a bill to move in line with the RBI’s stance on cryptocurrencies.
The Apex Court of India (SCI) has now resumed hearing the Indian crypto case on Tuesday as scheduled. The counsel for the Internet and Mobile Association of India (IAMAI), Ashim Sood, ran them through the background story of the case and began with the fundamentals of the concepts of cryptocurrency as currency system and blockchain as technology. Consequently, shifted to their arguments where he left in last November.
The hearing consumed whole day for recollecting their previous arguments, where the Counsel Sood explained by reading out the guidelines issued by the Financial Action Task Force (FATF). After the descriptive explanation as to how other emerging nations perceive and tackling the burning issues of cryptocurrencies and the functionalities of crypto-industry. Furthermore, he seemed to have emphasized that the banking channel is the most essential source to run an exchange.
For an in-depth probing against mining operations, as in how exactly the bitcoins are mined, the three judge bench has again adjourned by instructing ‘they want to hear the entire Crypto Vs RBI matter from the beginning.
Sood continued to read out the latest RBI response to the IAMAI representation submitted by the central bank in September last year. As directed by the court, the central bank responded to every point made by the IAMAI.
While Crypto Kanoon, the local news outlet has also twitted that the court adjourned for the day, as the matter was placed as “Part-Heard” and is now likely to be heard on a regular basis. The order acknowledges Advocate Sood being “on his legs” when the court adjourned.
In addition, bitcoin.com reported recent past that the State Bank of India Chairman Rajnish Kumar has reportedly argued for cryptocurrency regulation in India, despite the government considering a bill to ban all cryptocurrencies except state-issued ones. SBI, the largest bank in India and a Fortune 500 company, is a government-owned corporation headquartered in Mumbai.
Nevertheless, amid such topsy-turvy sentiments on cryptocurrencies, Indian crypto-enthusiasts continue to deal into cryptocurrencies.
Amid various developments revolving around crypto-industry across the globe, the bitcoin price has slid a bit. BTCUSD (at Coinbase) has dropped from yesterday’s close of $8,808.81 to the today’s lows of $8,580 levels, however, the pair has recovered during the course of day to trade currently at $8,748 levels.