India’s Supreme Court listened yesterday, September 25, to the final hearing against the ban on dealing in cryptocurrency in the country, the Central Bank imposed, according to reports from the local news outlet Financial Express.
The Reserve Bank of India (RBI) had announced the ban in April, which resulted in multiple appeals being filed in the last two months, by investors in the local cryptocurrency industry.
The ban has officially been in force since July 6, and the court should weigh up its legality since the implementation of the decision was in force, up until the present time.
On September 12, RBI published an affidavit detailing its stance on cryptocurrency, standing by its decision to stop banks from servicing exchanges and other entities.
The document said that bitcoin and altcoins are “neither currency nor money; they can't even be considered as a valid payment system.”.
News reported that the Court has yet to signal a timeline for considering the appeals.
In line with other jurisdictions such as Iran and Venezuela which have taken a hardline stance on cryptocurrency freedoms, the RBI has signalled it is interested in creating a national cryptocurrency under its direct control.
In the time being, the government dispatched specialised teams to Japan and Switzerland.
The step that observers read as coming to purportedly to assess possible means of regulating markets.
It is worth mentioning in this context that the Indian authorities have recently attached $60 Million in a bitcoin scam case.