Indian Supreme Court is Actively Working on Lifting the RBI’s Crypto Ban

Indian Supreme Court is Actively Working on Lifting the RBI’s Crypto Ban

crypto regulation

According to a recent report, the Indian supreme court now recognises the need to be fast about giving its verdict concerning the RBI crypto ban case without waiting for the Indian government to introduce crypto regulation. The RBI case involves both the RBI and the Internet and Mobile Association of India (IAMAI).

Two Crypto-related Cases

The Supreme Court of India is presently hearing two crypto-related cases, of which the first concerns the crypto banking ban by the Reserve Bank of India (RBI) and the second concerns the crypto regulation of the Indian government.

Jaideep Reddy is Representing the IAMAI

The Internet and Mobile Association of India (IAMAI) is being represented by Jaideep Reddy who works at Nishith Desai Associates.

According to a publication which circulated last year, the central bank restricted all financial institutions under its control from rendering services to crypto businesses.”

Reddy reported that: “The matter was actually heard for a reasonable period of time,” he said that the petitioner counsel told the court that: “the constitutionality of the RBI circular is a separate issue from the government of India committee’s decision” he also said regarding crypto regulation that: “The court in the last hearing appreciated that the issues regarding the RBI circular on the one hand, and the larger government policy decision on the other, were separate.”

So far, the court has observed that the company’s operations are about to be halted due to the RBI circular. It then came to the decision that the case of the validity of the circular needs to be heard and judged without waiting for the government committee’s overall policy recommendation. A decision of which the counsel for the RBI agreed to.

Furthermore, the lawyer explained that:
“As of now, the petitioners have been pressing for the issues on the RBI circular to be heard. So the court needs to decide whether the circular is legally and constitutionally valid or not.”

Petition Adjourned
In conclusion, the court has without asking either party to tender additional documents adjourned the case to the end of February.