Its been more than a year now since RBI imposed a ban on cryptocurrencies trading in India. Banks were asked to end their association with cryptocurrencies and people who were dealing in them. To oppose this ban, various lawsuits were filed in the Supreme Court of India by various crypto lawyers saying that RBI has no say in the usage of digital currency as there are no regulations mentioned in the banking guidelines.
With the latest hearing on 21st August, the Supreme Court stated that central banks had not justified the ban on digital currencies. Supreme Court Justice Rohinton Fali Nariman criticized the RBI’s way of handling the crypto business in the country, and he has given the banks two weeks to provide reasons behind the continued ban.
Crypto Kanoon in a series of Tweets, gave the information about the hearing and explained the whole scenario to all the crypto enthusiasts. The court officials explained that crypto exchanges are willing to talk about the central bank’s stance and they are eager to work with anti-laundering regulations as well.
The hearing took place after a month of an undrafted bill being surfaced in July. This bill showed how the government is planning to ban all the cryptocurrencies completely. Tim Draper, on the other hand, called out the government by calling them “pathetic and corrupt,” which lead to a debate over how the regulations should be handled when it comes to crypto.