It’s incredibly rare to see a government actually protect the interests of its citizens without a hidden agenda. Surprisingly enough, the Indian Supreme Court went against expectations and slammed the Indian Central Bank over the way it mishandled the crypto business ban and failed to address the countless complaints which followed immediately afterwards.
Hearing of Crypto case has resumed.
Mr. Shyam Divan, Ld. Sr. Advocate started his arguments for RBI.
Most likely the arguments will conclude today.
— Crypto Kanoon (@cryptokanoon) August 21, 2019
In the last session of the ongoing hearing into the Reserve Bank of India (RBI), the court declared that the concerns of the crypto industry were blatantly ignored and in the few cases where a response was given, it was extremely unprofessional and mismanaged.
The Indian Supreme Court is looking at all cases from 1 year ago
Last year, the RBI declared that crypto operators like exchanges and crypto-centered businesses will no longer be serviced. A week before the official ruling was given, the Indian Supreme Court also voted that if the ban comes into effect, interim relief should not be granted to those affected by the upcoming ban.
A year later, things have drastically changed and now the RBI has just two weeks to give a reasonable justification for its actions for the entirety of the past year.
Interestingly enough, this case comes at the same time as the Indian government is heavily considering to make crypto illegal for all its citizens. Just last month, a government committee suggested that Delhi should immediately ban all tokens except the rupee’s digital version.
Experts have also estimated that India would end up losing $13 billion of market worth if the bill passes.
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