A hearing on the legality of the Reserve Bank of India’s blanket ban on cryptocurrency businesses has been delayed by the Supreme Court, in the latest blow to the country’s struggling crypto sector.
The Reserve Bank of India has previously refused to work with crypto companies, effectively strangling the crypto sector in India. The RBI ban has been referred to the Supreme Court, who had been due to consider the issue on Tuesday, according to Cointelegraph report.
However, according to Kashif Raza, founder of Crypto Kanoon, the decision to postpone came after the court anticipated “longer arguments” to be presented during trial.
Today RBI was supposed to reply to the representation filed by IAMAI […] It seems that the Supreme Court of India today passed over the matter primarily because the court expects there to be longer arguments in this case, which could take their entire week. They gave it a pass so as to allow in future for a full-fledged hearing of the arguments, to listen to both parties. So interesting times ahead.
While the delay is considered a setback by some in the Indian crypto community, Raza struck a more positive note, saying that at least the Supreme Court is willing and intending to consider the arguments.
He told the news outlet: “The best part is that the court is willing to hear the matter, the court has not adjourned the matter, it has only passed over [it] […] I think it’s a very good sign, the court is willing to give both sides a fair chance to present their arguments […] cheer up!”
The case before the Supreme Court was an amalgamation of several different petitions, with the action brought by the Internet & Mobile Association of India.
The action is built on opposition to the ban on constitutional grounds, with many in the crypto sector arguing the RBI is acting beyond their powers in effectively outlawing crypto businesses from operating in India.
Tuesday’s decision means the crypto community in India will have to wait a little longer to learn their fate. Yet while the case has been delayed, the effects of the RBI decision continue to have a serious impact on Indian crypto businesses.
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