Reserve bank of India put the blanket ban on all crypto exchanges in 2018. Since then, there has been little to no progress in the case. The Supreme court of India has delayed the hearing several times. On 7th October, the court postponed the hearing to 15th October, and today, it further adjourned to 12th November.
The Indian government has taken a conservative approach towards the cryptocurrencies. A bill drafted by an inter-ministerial committee proposes to ban all the cryptocurrencies in the country. The central bank of India in April last year prohibited all the banks from providing services to crypto businesses. Due to the ban, the Pune city police department also failed to cash out seized crypto from a Ponzi scheme.
During previous hearings, only two judges heard the case, and those judges are likely to continue to hear the case going forward. So, whenever there is a three-judge bench is assembled, the likelihood of hearing the case diminishes.
