India: Setting Expectations For Supreme Court Hearing On RBI vs Cryptocurrency!

in india •  2 months ago

After the delays and adjournment today this is what my expectations are for the matter hearing scheduled sometime in the day tomorrow.

Reserve Bank of India in the past few months has served as a major deterrent to the rise of cryptocurrencies in the country. It has done a lot to curb use of cryptocurrencies in India even though cryptos are not illegal itself.

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Exchanges as we know are fighting the ban on banking services to them at the highest court of India. Today, all concerned parties were expected to make their submissions to the court and it seems as though it hasn't concluded yet.

Court may or may not be passing the verdict tomorrow. This may happen in light of recent developments as RBI has now constituted a committee to look into cryptocurrencies, regulatory draft is being made amongst other things.

Court is taking the responses of all parties on record and will give them due consideration before proceeding with a verdict. This may take longer than expected but if the court is prepared it may happen tomorrow. We shall see.

However, the other expectation currently is that the court may also consider constituting a committee of it's own to look into this matter in greater detail before ruling in favour or against cryptocurrencies in India.

Today's hearing was in front of Hon. Justice Nariman and Hon. Ms. Justice Indu Malhotra not in front of the Chief Justice of India who was headed the panel during past sessions.

Now it's a matter of waiting until tomorrow to find out more as the situation continues to develop! Stay tuned for information as we fight our way towards giving cryptocurrencies legal status in India from it's currently 'grey area' status.

You can read this post for an update on what happened today.


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Keeping our fingers crossed that the Court rules in our favor. Thanks for keeping us up to date on this @Firepower. We need all of India on our side of making Crypto built for the Masses

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every traders are hoping the favor on crypto.

It is not all that surprising to see that exchanges would be fighting tooth and nail to get their version across to the judges. It has been a long few past months for the Indian crypto market and regardless of what happens, we can all see that crypto has established itself as a permanent feature of the Indian Financial markets.

After the Bank ban in July, many were saying that the crypto market is dead in India and yet all that the ban did was to make the p2p crypto transactions flourish in India.

@firepower, Yes, from morning only i was watching the YouTube videos for the live updates and due to other hearings this hearing got delayed.

And in my opinion this is really unfortunate because actually it was adviced that this will be the final date but still it's moved further and now we have to wait and see what future holds.

But, no matter how many negatives we hold, we have to think positively because today or tomorrow Crypto Sphere has to be accepted because it's the true future.

And in my opinion, if result will be positive then for sure it will be Revolutionise and also it will going to spread an great message to the world and for sure can be an boost. Let's hope for the best.

Wishing you an great day and stay blessed. 🙂

We have been seeing the uncertainty of cryptocurrency's exchanges with RBI in Indian economic system for last few months. Let's wait and see since the final battle has started at the supreme court from today and it will stop until the final verdict which may be declared by tomorrow.

They again delayed it to tomorrow. They just keep on delaying again and again.

I don't think RBI is in mood of retracting their decision before figuring out about how they can control cryptocurrency in their damn centralised way, to suck our hard earned profits through taxes.

Ye ek bada tesla hai jo ki bhot hi soch samajh ke liya jayega mein ummid kr sakti hu jo bhi fesla hoga acha hi hoga

I hope that the court will make the right decision! I'll be waiting for an update from you!

Oh so the hearing wiil be out today? I thought it was today or nothing came out of it?

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It was today but nothing came out. This is the current situation. Will update tomorrow.

Hope there is a verdict

And it is pro-crypto.