The final court battle for India’s cryptocurrency exchanges begins

Today (Sept. 11), the supreme court will begin the final hearings in the case between virtual money exchanges and the Reserve Bank of India (RBI). At the end of the arguments, it will be known if the exchanges will get any reprieve from the banking regulator’s crackdown.

In April, the RBI had directed lenders to wind down all business dealings with cryptocurrency exchanges and traders within three months.

After the deadline of July 06 and the once-booming industry has suffered badly since then. For instance, Unocoin, a Bengaluru-based cryptocurrency exchange, has seen the average monthly transacting on its website dwindle from a peak of over 200,000 traders to merely 20,000 in the months following the crackdown.

Not surprisingly, the exchanges have dragged the central bank to court. Their plea for an interim relief had not been granted.

Besides the RBI, the Narendra Modi government, market regulator Securities and Exchange Board of India (SEBI), the enforcement directorate, and the income tax department, too, are parties to the case filed by the exchanges.

Thankyou
Vikas kumar
@vikas23