After a long, long, wait, finally the crypto matter in India is being heard before the apex court in the country, the Supreme Court.In the court, the counsel representing the Reserve Bank of India (RBI) started off, by asking the court for another adjournment, but for once the court refused and asked them to begin the arguments, with no further delay. The adjournment was asked for, as the government said it was planning to bring up the draft bill submitted by the Garg Committee, in the Winter Session of the Parliament.The proceedings began with, the Provisions of Reserve Bank of India Act and Banking Regulation Act being analysed in order to know whether RBI has power to issue such circular or not.The circular in question was issued last year in April, when the RBI banned the banks affiliated with it, to stop providing services to cryptocurrency exchanges.At the time, the Deputy Governor of RBI, BP Kanungo had said, ” Now we have decided to ring-fence the RBI regulated Entities from the risk of dealing with entities associated with dealing with virtual currencies. They are required to stop having relationship with entities dealing with virtual currencies within three months.”Crypto Kanoon posted live updates regarding the hearing by stating, “Counsel for exchanges is arguing that RBI restricting banks from providing services to Crypto is a colorable exercise in the guise of consumer interest. It can exercise power in public interest only to the extent as provided under law such as interest of depositors,borrowers etc.”#Crypto v.#RBIThe court resumed and arguments started on RBI banking ban.Counsel for exchanges is arguing.— Crypto Kanoon (@cryptokanoon) August 8, 2019Telegram
© CoinJoker 2019 | All Rights Reserved.