Indian Supreme Court Reserves its Order on Reserve Bank of India (RBI)’s Ban on Crypto

2020-1-29 18:36

The Supreme Court of India on Tuesday reserved its order on the case against Reserve Bank of India's decision to bar banking services from dealing in any transactions associated with cryptocurrency. This means the judge might not immediately deliver a decision but take time to review the evidence and deliver a decision at a later time.

Both sides were directed by the court to submit their written submission on Friday. A bench headed by Justice RF Nariman reserved the order after hearing arguments from all the related parties.

The Internet and Mobile Association of India (IAMAI), a non-profit organization whose members include crypto exchanges, approached the court objecting RBI’s circular from April 2018 that directed regulated entities to not deal with the cryptocurrencies or provide services to any entity or person either.

IAMAI claimed that RBI’s move had effectively banned legitimate business activity in digital currencies. Ashim Sood, IAMAI counsel said that RBI’s action was against its powers as specified by the Banking Regulation Act.

IAMAI also said that the central bank’s directive was based on “moral grounds,” and did not involve any studies conducted by the RBI to understand the effect of virtual currencies on the financial market.

Meanwhile, RBI argued that the ban was to protect entities from “activities that pose reputational and financial risks along with other legal and operational risks.” It further presented the argument regarding the risk of terrorist financing and money laundering through cryptos.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

India Coin (INDIA) на Currencies.ru

$ 6.733E-5 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 1.49 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 999999
Доступно / Всего 0 INDIA

india supreme reserve bank court order dealing

Источник: bitcoinexchangeguide.com

india supreme → Результатов: 126


Фото:

Supreme Court of India Gives Two Week Deadline for Gov’t to Clarify Position on Crypto

The Supreme Court of India has formally set a deadline of two weeks for the government to officially clarify its position on cryptocurrencies. Urging for Clarity After having delayed its decision multiple times, the Supreme Court of India has urged the country’s government to provide its clear and official stance on the matter of cryptocurrencies.

2018-10-27 05:00


Reserve Bank of India’s (RBI) Cryptocurrency Ban to Get More Clarity in November

India Supreme Court Asks Government For Opinion on Cryptos Within 2 Weeks Recently, the Supreme Court of India has decided to ask the local government for an opinion on the cryptocurrencies and their market amid the fallout that was caused when banks were blocked from providing services to crypto exchanges. Yesterday, October 25, the Supreme […]

2018-10-27 21:45


Indian Supreme Court Gives Government Two Weeks to Submit Cryptocurrency Report

India’s supreme court has brought up the case against the cryptocurrency banking ban by the Reserve Bank of India after one-and-a-half months of delay. The court has reportedly asked the government to submit a report of the findings from the committee it had set up to understand the crypto space and recommend regulatory measures.

2018-10-26 08:40


RBI Ban Hearing in Two Days – What Indian Crypto Exchanges Are Expecting

The Indian supreme court will hear all petitions against the crypto banking ban by the Reserve Bank of India on Tuesday. News.Bitcoin.com talked to the CEOs of several Indian exchanges to find out what they are expecting from the hearing, trader sentiment, their exchanges’ current trading volumes, and how they see the court’s ruling affecting […] The post RBI Ban Hearing in Two Days – What Indian Crypto Exchanges Are Expecting appeared first on Bitcoin News.

2018-9-9 19:55


RBI Ban Hearing in 2 Days – What Indian Crypto Exchanges Are Expecting

The Indian supreme court will hear all petitions against the crypto banking ban by the Reserve Bank of India on Tuesday. News.Bitcoin.com talked to the CEOs of several Indian exchanges to find out what they are expecting from the hearing, trader sentiment, their exchanges’ current trading volumes, and how they see the court’s ruling affecting […] The post RBI Ban Hearing in 2 Days – What Indian Crypto Exchanges Are Expecting appeared first on Bitcoin News.

2018-9-10 19:55


Фото:

India’s Apex Bank Forms New Unit to Handle Blockchain Regulations

The Reserve Bank of India (RBI) – the country’s apex bank, has set up a department tasked with monitoring developments in cryptocurrency, blockchain technology, and artificial intelligence. This move comes as commercial banks are still prohibited from facilitating cryptocurrency transactions and the Supreme court decision on the matter expected later in September 2018.

2018-8-27 19:29


Unocoin suspends withdrawal as per RBI orders, movement of Crypto regulations in India

While the Supreme Court’s final ruling on the crypto exchanges regarding fiat handling is yet to come out, Unocoin suspends withdrawal and deposits of fiat on its exchange. Unocoin exchange had received immense popularity for Crypto-rupee and crypto-crypto trades where it dealt in Bitcoin and Ethereum. The Reserve Bank of India on 5th April 2018 […]

2018-7-24 19:49


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

South Korean Exchange Suspends Withdrawals to External Wallets, Govt. Reaches Out to Apple and Google to Block P2E Apps

One of the four regulated cryptocurrency exchanges in South Korea, Coinone, has announced that it will no longer allow withdrawals to non-verified external wallets starting Jan. 24, 2022. If Coinone users want to withdraw their crypto assets to another digital wallet, they would have to register their wallet address with the exchange, “in accordance with […] The post South Korean Exchange Suspends Withdrawals to External Wallets, Govt.

Bitcoiner Senator, Cynthia Lummis, Is Planning to Bring In A New Crypto Bill Next Year

Wyoming Republican Senator Cynthia Lummis plans to introduce a comprehensive bill next year covering tax taxation of digital assets and their categorization to consumer protections. Lummis, who is also a Bitcoiner and one of the most vocal crypto advocates, will also be pitching Congress on creating a crypto regulatory body under the joint jurisdiction of […] The post Bitcoiner Senator, Cynthia Lummis, Is Planning to Bring In A New Crypto Bill Next Year first appeared on BitcoinExchangeGuide.

Bank of England to Coordinate with International Regulators for Stricter Crypto Rules

The Bank of England to step up its talks with the international counterparts on a regulatory regime for cryptocurrency next year. In an interview with The Times, Sarah Breeden, executive director for financial strategy and risk at the central bank, said that as banks begin to offer crypto-assets trading and custody services to clients, global […] The post Bank of England to Coordinate with International Regulators for Stricter Crypto Rules first appeared on BitcoinExchangeGuide.

Paraguayan Senate Passes Bill to Regulate Crypto Trading and Mining

The Senate of Paraguay has passed a bill that will regulate the trading and mining of cryptocurrencies in the country. Paraguayan Senator Fernando Silva Facetti, one of the three authors of the bill, confirmed this on Twitter, saying Paraguay’s Chamber of Deputies will discuss the bill next year.