India’s Supreme Court heard the petitions against the crypto banking ban by the Reserve Bank of India (RBI) today. After hearing some arguments from both sides, the court decided to set another hearing date, allowing some of the regulators involved to respond to the petitions.
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Supreme Court Hearing on July 20
The long-awaited hearing at which the Supreme Court of India was scheduled to address all of the petitions against the crypto banking ban by the country’s central bank has finally taken place.
Today’s hearing follows the hearing on July 3 of the petition by the Internet and Mobile Association of India (IAMAI). The court did not grant a stay against the ban at that time. Last week, the central bank responded to a representation by the association but did not change its stance on crypto.
The latest chapter of the courtroom saga did not see an overturn of the ban. The court also did not hear all arguments by both sides. Crypto Kanoon, a platform engaged in crypto regulatory analysis, legal awareness and news, detailed:
Limited arguments were advanced on behalf of IAMAI and RBI today.
Another Hearing Date Set
There are at least five writ petitions filed against the RBI ban. However, according to Crypto Kanoon, “SEBI [the Securities and Exchange Board of India] and few others have not filed their response to the petition seeking regulation…All (remaining) parties to file their reply within 4 weeks.”
Sohail Merchant, CEO of crypto exchange Pocketbits, commented on the outcome of today’s hearing:
Final hearing [is] slated for 11th of September. Now that is the Judgement Day.
According to lawyers familiar with the
