RBI Update: Supreme Court Set To Rule On Sept 11—Fate Of Cryptocurrencies In India Will Be Decided On This Day!

Just a few minutes ago the hearing ended in the Supreme Court of India regarding the unilateral ban on banking services against cryptocurrency exchanges by RBI.However, the result of this important hearing was that the apex court has set a date of September 11th, 2018 as final date for disposal of the case against RBI.

All parties have to file their response to the court within 4 weeks and then the court will consider all of them before passing a judgement on the 11th of September.

According to CryptoKanoon

Mr. Gopal Subramaniam, Sr. Advocate representing IAMAI submitted that in the world of digitalisation, such a Circular from RBI would be a loss.Limited arguments were advanced on behalf of IAMAI and RBI today. Since SEBI and few others have not filed their response to the Petition seeking regulation, so the Court directed for completion of pleadings. Final arguments on 11th September.

Unfortunately there is no interim stay on RBI's ban for the time being. No relief has been provided in this matter at press time.Let's see how things go from here. I hope a draft of the regulation as well as the responses of all the parties on this case in Supreme court will be made public in the days to come.This is what I was expecting to happen but now all petitioners have 4 weeks to build a strong case against RBI and move the apex court of India.

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