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Supreme Court of India (SC), refuses to grant momentary stay today against RBI’s restriction on cryptocurrencies. On July 3rd SC has scheduled for rebuff the appeal for a momentary injunction against restrictions imposed on banks regarding cryptocurrency by the country’s central bank.
What is rather interesting now is how a Supreme Court hearing would be scheduled for July 20th. The Supreme Court during this hearing would define whether or not the choice of banning bitcoin by the Indian central bank is just. There has been the dicey allegation that there is no official research, the biased verdict is subject to a lot of speculation.
SC has not granted a momentary stay and the effective date for banks to stop supporting cryptocurrency exchanges still stands the same, that is, July 5th, 2018.
Subash Chandra Garg, Secretary, Department of Economic Affairs, has reportedly geared up with a draft to be conversed with the Government’s committee and the same is supposed to be in the “best interest of our country”.
Referring to that, Zebpay said, “Our industry has approached the Supreme Court of India to challenge the circular, as we feel it is counterproductive and against the interest of citizens. As a responsible corporation, we regard customer protection and market-integrity as our primary objectives.”
They clarified that clients won’t be able to withdraw rupees unless Zebpay has banking services that permit such withdrawal. They indemnify Zebpay in case of disruption of banking services and agree to hold Zebpay free and harmless at all times, against all claims, proceedings, expenses, cost, action in the event of any prejudice and/or loss caused to you by any act or omission by Zebpay.
The withdrawal arrangement was presumably made, because, if the verdict goes on the adverse way, Zebpay accounts would be dislocated, and crediting fiat currency deposits or withdrawals would be impossible. Hence, this could cause discontinuation of crypto trading based on rupees and may cause significant price movements.
On the back of this news, few shrewd traders are also observed in purchasing more when people panic sale on 5th July.
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