India: Quick Updates From The Supreme Court Session Today On Crypto Exchanges VS RBI Case!
Before you read the live updates from the court it would be worth taking note of a slight development in the situation. Seems like the court is separating the original case into two parts now.
- Crypto ban in India which relates to the draft bill on ban proposed by the government. The hearing for this has been adjourned to end of Jan 2020 as mentioned in my previous post.
- RBI Circular mandating a ban on services to crypto businesses by any entity regulated by it (this case was heard post 2 pm today)
Please note the next date for hearing on matter #2 is n 14th of August. Please proceed to read the updates from the court now.
These live updates from the court are courtesy of CryptoKanoon
Lawyers representing IAMAI and exchanges are arguing in the Supreme Court against the Union of India:
Counsel for exchanges is arguing that RBI restricting banks from providing services to Crypto is a colourable exercise in the guise of consumer interest. It can exercise power in public interest only to the extent as provided under law such as the interest of depositors, borrowers etc
RBI is its cautionaries gave impression as if some authorization was required for exchanges to run, however, no such authorization was required under the law.
If Crypto was a commodity then SEBI could have stepped in but RBI has nothing to do with it.
RBI is only a delegatee of power which cannot exercise the same powers as parliament which has a direct impact on legitimate businesses.
An interesting thing that happens at this point following the tweets was that our Supreme Court bench presiding over the case asked, "Why can't you work without a bank?"
IAMAI Counsel answers that "Any settlement taking place will be converted into cash. users r owners of bitcoin kept in my wallet when they wish to sell, they sell their bitcoin through my bank account."
Then our Supreme Court asked: Show us from your pleadings that any of the company/ business has got shut down due to banking ban effect since this averment is compulsory for making a case under article 19(1)g
IAMAI Counsel then showed from page 39 of their writ petition that they have suffered losses and also showed page 199 stating that exchange has lost users due to banking ban.
Our court then asks for: Manner in which other countries have treated Cryptos has been discussed. Justice Nariman has asked IAMAI Counsel for a detailed chart on that.
The technology underlying the Blockchain and Crypto is being explained to the Hon'ble judges.
This is basically the update as shared by Cryptokanoon team who were in the court during the proceedings. Cheers to them for bringing this out to us as it went live.
Overall as you can tell, I like how this case is proceeding now that the arguments from counsel repping exchanges are being heard. I hope we can win this one which will set a good precedent to tackle the next major one which is the garbage draft bill on banning cryptos in India.
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
- Why You Should Vote For Firepower As Witness—Witness Campaign Post From India!
- Steem.Chat Contest #90
I think what we need in India is an educational campaign on how crypto works. How the technology behind it works. Moreover, there needs to awareness on how, while on one had an accusation of crypto and black money association is promoted, everybody misses the point of if regulated it can be used to track the movement of money as well. I think we need to write blogs friendly to our nation explaining these things, maybe even design a free course - in English as well as in local languages. I mean not just on steem but on all social media.
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Hello sir since last year i am in update with the news which you provide and back then i said nothing much will change only dates after dates will be given so now i just chill and go through the news once a week and to be honest I don't think the decision will come soon they will take hell lot of time and everything will go just the way it is going.
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No issues until bill is passed and law is made. :) Long way to go before any of this ofcourse.
Absolutely I think this case should continue until 2021 at least. That's good amount of time to bring more awareness. But meanwhile the matter #2 should be settled so that Cryptos are promoted and people understand how they function.
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