India’s apex court judge gives central bank 2-wks to explain banking ban on cryptos

By Staff Writer

There seems to be some good news for Bitcoin in India. But the future of cryptocurrencies remains relatively bleak as the government seems set to table a bill to introduce crypto ban in India.

In the meantime, however, the tussle between India’s central bank and the crypto industry continues in the courts.

The Supreme Court of India during a hearing on Wednesday has reportedly ordered the Reserve Bank of India (RBI) to respond to the concern of the cryptocurrency exchanges within two weeks, according to Indian crypto regulatory news site Crypto Kanoon.

India’s top court is expected to rehear the arguments on 25th of September.

The website quoted a Supreme Court judge as saying: “After hearing arguments we are of the view that detailed representations by exchanges…have not been answered point by point, therefore RBI (is) to reply (to) them within two weeks.”

India’s Supreme Court has heard the case on August 4, August 14 and August 20. These primarily concern the complaints lodged against the RBI, India’s central bank, for its so-called “banking ban” on crypto exchanges that had led to the closure of many crypto exchanges.

The Indian government is reportedly planning to table a bill to ban cryptocurrencies in the next session of the parliament.

 

 

 

 

 

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