The Indian cryptocurrency community is finally set to get the clarity it’s been waiting for…
The relatively hostile approach from the Reserve Bank Of India (RBI) to cryptocurrencies is shaping up for its pivotal legal battle, with the matter returning to the Indian Supreme Court.
It’s now set to hear the final hearings in the ongoing case, that was delayed by two months over the summer. It’s hoped that at the end of the hearing, there’ll be some formal clarity, and a more welcome approach to cryptocurrency from India’s central bank.
Here’s our report from the end of July, when the case got bumped back to this month…
The story so far. On June 5th of this year, the RBI implemented an effective ban on crypto in the country, ruling that nobody would be able to invest or withdraw money from digital assets in India from that date. Furthermore, it added that entities who deal with the RBI would be prohibited from dealing with, or settling, virtual currencies.
It was enough to affect the country’s biggest cryptocurrency exchange, Zebpay, who quickly disabled fiat activity from its platform.
Since then, there had been suggestions that the RBI’s position would soften, and as we reported here, that there was a hint the government was moving away from an outright crypto ban.
Now? There’s potentially been further progress. According to Quartz, a date of September 11th 2018 has now been set for a fresh court battle. That’s because a case has been brought against the RBI, where some much-needed clarity will be brought to the Indian cryptocurrency community. The downside? It’s another 50 days of waiting before there’s a firm ruling. But the RBI is being challenged over its actions, and it’s seen as a chance to reverse what’s been a damaging decision.
More on this one as we hear it.