20 July 2018, the Supreme court will pronounce the decision of cryptocurrency in the country. Today is a day of judgment for the Indian local crypto industry because, for the last few months, the Bank of India (RBI) has banned all banks who deal with crypto related businesses.
Sidharth Dalmia and Dwaipayan Bhowmick they started a case on cryptocurrency at their respective court on 2017. Mr. Sidharth Dalmia wants to ban cryptocurrency in India and Mr. Dwaipayan Bhowmik wants the government to make their stance clear on cryptocurrencies.
The light came in this case when the exchanges and individual traders who wanted to fight against the bank of India’s verdict of banking ban, they resorted to the court.
All cases were combined into one and were scheduled to be heard today by a 3-Judge bench including the Chief Justice of India along with Justice A.M. Khanwilkar and Dr. Justice D.Y. Chandrachud.
The verdict itself may take a while to be pronounced, the proceedings will clear the government’s stance towards the industry and the Reserve Bank of India’s (RBI) reservations against bitcoin.
This decision was announced by chief justice Deepak Mishra with justice AM khanwilkar and DY Chadrachud. The attorney general of India (AGI), KK Venugopal, was likely to be present for the hearing.
At the Beginning of the Hearing
Mr. Gopal Subramaniam and Sr. Advocate on behalf of IAMAI give a statement that “in the world of digitalization such a circular from would be a loss.
Behalf of IAMAI and RBI, they have limited arguments were advance on 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.