Indian Central Bank Calls for Supreme Court Cryptocurrency Regulation Decision

The Reserve Bank of India has called for Supreme Court cryptocurrency regulation decision, stating that these “particular means” will “encourage illegal transactions.

23 July, AtoZ Markets – The central bank of India, the Reserve Bank of India (RBI) has requested the Supreme Court to regulate cryptocurrencies, according to local news outlets. 

Indian Central Bank Calls for Supreme Court Cryptocurrency Regulation Decision

Earlier this April, the RBI has announced its plans to suspend the provision of services to businesses or persons dealing with cryptocurrencies. The authority has referred to high risks associated with cryptocurrencies. 

The senior advocate of the RBI, Shyam Divan has stated that a board led by Chief Justice Dipak Misra claimed that it is vital to regulate Bitcoin and other cryptocurrencies. The officials have stated that these “particular means” will “encourage illegal transactions.” Mr. Divan has also highlighted that the issue has “immense policy dimensions.” He has stated that crypto has the potential to influence global money flows. 

Furthermore, the senior advocate has explained that an interdisciplinary committee that is led by the secretary of economic affairs, Subhas Garg, has been established back in 2017. The committee is designed to develop the regulatory framework for cryptocurrencies. As of the moment, the authorities are looking into the issue. The RBI has set up a three-week deadline for the response to multiple petitions regarding regulations. 

Indian Crypto Ban Petition

Earlier this month, the Supreme Court has reportedly postponed the final hearing related to the RBI ban on cryptocurrency dealings. Initially, the hearing has been scheduled to take place on July 20, while now, the authorities are planning to have it on September 11.

The RBI ban has seen a lot of negative comments from the Indian cryptocurrency community. In fact, there has been an online petition that asked to reverse ban; it has collected more than 44,000 signatures, In May, the Supreme Court of India has decided not to grant an interim injunction against the RBI ban that has been sought by 11 cryptocurrency entities. 

During the same month, the Supreme Court has ruled out that no petitions can be filed in any Indian High Court against the RBI decision to ban cryptocurrency related business. 

Think we missed something? Let us know in the comments section below. 

Share Your Opinion, Write a Comment