Supreme Court of India heard the ‘Crypto vs. RBI’ case on August 8 where the government’s counsel is speculated to have produced the IMC drafted bill on cryptocurrency and asked the case to be adjourned till January 2020. According to Mohammed Danish, a crypto advocate and co-founder of Crypto Kanoon, Apex Court divided the entire case into two:
1] Case with relation to the ban of cryptocurrencies which will be heard in January 2020
2] The current ‘Siddharth Dalmia vs. Union of India’ PIL, regarding the RBI ban, which will be continued after lunch break today.
The case filed by Siddharth Dalmia on October 31, 2017, was adjourned twice before today’s hearing. This was the first hearing since the proposed draft bill from the Inter-Ministerial Committee was made public.
Though the community was aware that the draft bill might not interfere with the Supreme Court’s judgment, many speculate that the Apex Court will listen to the case after the bill has been discussed in Parliament. The draft regulations submitted by the Government’s counsel also asked the SC to adjourn the case till January, in order to allow the government to discuss the draft bill in the upcoming winter session. This would play a pivotal role in the trajectory of cryptocurrency in India.
This is a developing story and will be updated soon.