India Supreme Court Mulls Future Of Crypto In That Country

Blockchain, News, Regulation | July 20, 2018 By:

The Indian cryptocurrency community’s eyes are turned toward the country’s top court, as the supreme court resumes hearings today on the lawsuit that exchanges filed against the Indian central bank , the Reserve Bank of India.

In April, the RBI told Indian banks to wind down its cryptocurrency business accounts by the first week of July, throwing affected businesses into flux. Since then, contradictory statements have emerged from various government figures on the acceptability of cryptocurrency and related businesses, leaving everyone confused.

That led to one prominent figure -cybersecurity guru John McAfee – to call for a ban on financial institutions that do business with the RBI.

The RBI is being challenged on two issues – the Indian constitution allows citizens to engage in any trade, occupation or business, while the document also guarantees equal protection under the law for all.  So far, the supreme court has refused interim relief on the issues.

The matter is under review by chief justice Dipak Misra along with justices AM Khanwilkar and DY Chandrachud.