The Indian Supreme Court has announced a new date for the crypto case hears. This was originally fixed to be heard on July 23. The Supreme Court is expected to address the writ petitions in opposition to the RBI restriction as well as the govt’s report and the recent draft release about the crypto bill.
The court has set a new unsettled date on 24th July of 2 august but later on, court updated that on July 25 all five pending crypto writ petitions. But on July 25th the court didn’t hear the crypto case. Now the court’s website has released a new update that it will be on 29th July.
For the Indian crypto community is has been a long struggle. RBI, Reserve Bank of India released a circular for banning regulated financial intuitions to provide services for crypto businesses in April. After the circular issued, a lot of industry signed petitions against the ban. The Supreme Court fixed dates to hear the entire crypto-related petition last year September but those dates were repeatedly postponed.
“The private cryptocurrency is inconsistent with the essential functions of money/currency; hence private cryptocurrencies cannot replace flat currencies,” said the panel, headed by finance secretary Subhash Chandra Garg as it is in the news report on Monday.
The panel recommended that an official currency with a status of a legal tender appropriately regulated by the honorable Reserve Bank of India. The government will interrogate the departments’ concern and regulatory authorities before it decides its final decision.
It gets very difficult for the traders to convert their earnings into Indian rupees. Later a group of crypto exchangers appealed to Supreme Court to challenge the ban made by RBI.
Subhash Chandra Garg is the chairman of this particular group of people. It is consists of Shri Ajay Prakash Sawhney, secretary of the Ministry of Electronics and Information Technology. Shri Ajay Tyagi the chairman of Securities and Exchange Broad of India and Shri B.P Kanungo, Deputy Governor, Reserve Bank of India.
An inter-ministerial group has recommended private cryptocurrencies like bitcoin can fine up to 25 core or 10years of jail.
Later on, Facebook, confirmed that there are no plans for launching the crypto project in India. The report said that apart from Bitcoin other cryptocurrencies have appeared like, Ethereum, Ripple, and Cardano.