Indian Supreme Court delayed the hearing which touched the topic of banning cryptocurrencies and banning the provision of any services to projects related to crypto to a later date.
According to the Indian advisory resource Crypto Kanoon, the dates of the hearing have been delayed to 19th November 2019. The hearing would’ve been moved to 12th November but since Indians observe the religious holiday of Sikhism (Birth of Guru Nanak) on that day, the hearing was delayed. The tweet stated:
The date of next hearing was fixed and verbally communicated by the Judge as 12th November.
But since 12th November is a holiday as per the Supreme Court calender, so the next date has been extended to 19th November 2019. pic.twitter.com/JvOalItouw
— Crypto Kanoon (@cryptokanoon) October 16, 2019
Last month, the Supreme Court of India asked the Reserve Bank of India to justify their ban on crypto-related businesses. The crypto bulls of India seemed to be excited with the news as it showed little signs of hope for crypto being legalized in India in the case of Reserve Bank of India failing to justify the bans. In the last hearing, RBI tried to make their case by extensively presenting the disadvantages of crypto which included the examples of Silk Road and how it utilizes crypto for selling illegal drugs in the black market. All the illicit activities in crypto, especially in the dark web were read out to the court. People hopeful for crypto in India seemed to be surprised by the arguments made by RBI in the court. One of the tweets stated:
The arguments by RBI’s counsel are so kiddish. This only goes to prove that RBI did little to no research before imposing the arbitrary ban.
— Manan Vora (@mananjv) August 21, 2019
Previously, RBI has been very clear about their opinion in crypto and have strictly forbidden the banks to service any crypto-related projects. Any and all kinds of services, like loans, money transactions, and accounts of any crypto-related business were banned earlier this year. This led to huge drop in volumes in the Indian region along with big crypto exchanges suffering grave losses which pushed them to disable their digital asset trading services. Koinex was one of the big exchanges in India who took the bullet for RBI’s misunderstanding of crypto and their overanalysis of the risk involved in digital markets. Although the Indian government has also been wanting to totally ban crypto and the usage of digital currencies in India has dropped substantially, the only light of hope is the decision of the Supreme Court of India.