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Cryptocurrency Ban In India: Hearings Resume Today

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Starting on a lighter note, Asian superpowers India and China have become theaters of cryptocurrency-fraud drama of sorts. As it stands, it’s near impossible to say which one of the two countries is most entertaining to the world. Essentially, there are frequent cases of cryptocurrency-related frauds, prompting their governments to take decisive positions.

While China is permanently putting its drama at rest through outright ban, India is making a similar move. Though, it is seeing resistance by the key operators. These operators are seeking reversal on outright cryptocurrency bans. These announced bans came from the Apex Bank and came into effect in the first week of July.

Hearings Resume Today

Today, the Supreme Court will resume in the case filed against the reserve bank in a new move to suspend all digital currency activities in India. While it will take some time for the court to pronounce its final verdict on the matter, the proceedings will clarify in no small measures the position of the Indian government on Bitcoin and altcoins.

Impact Of Order On Cryptocurrency Businesses

In April, the Reserve Bank of India (RBI) circulated a diktat which stipulates that the government was suspending all cryptocurrency-related activities in July following endless reports of virtual currency fraud. Now, the operators are challenging that law. They are insisting that it is unconstitutional and that the apex court should quash it.

Defendant’s Claims

The defendants in the matter are two exchanges that hinge their demands on certain sections of the Indian constitution. For instance, Sections 19 (1) (g) of the Constitution gives Indian citizens the rights and privileges to carry out business, trade and occupation of their choices. Also, Article 14 of the same constitution prohibits any form of discrimination against an Indian citizen. Additionally, it gives equal protection of all and sundry under the law, the defendants argue.

Proceedings

The case will have a jury of three justices, Dipak Misra, DY Chandrachud and AM Khanwilkar. Indian Attorney General KK Veugopal is also receiving a summons. A source who spoke on the condition of anonymity says that the attorney general is likely to attend the high-profile proceeding to present the government’s case. The source also say that inviting the attorney general lends credence to the fact that the court considers the case “a significant matter.”

Out Of Court Settlement

The court earlier prevailed on the parties to opt for out of court settlement, specifically urging the regulator to reconsider the order. However, the bank is turning down the court’s appeals, citing anonymity of cryptocurrency transactions, cryptocurrency lack of value, and investor protection.

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