Ever since RBI order ban on dealing in cryptocurrencies, the Internet and Mobile Association of India (IAMAI) is fighting a legal batter to revert the ban. In a blow to the association Supreme Court today refused to put a stay on the RBI’s cryptocurrency circular.
RBI on 6th of April, circulated a circular which disallowed entities and regulated bodies from having any transactions in cryptos. Circular further stated that regulated entities are banned on providing services to those who are dealing in cryptos. This was a major blow to the organizations who were trying to establish presence of cryptos in the country. Stating ban to be wrong and unjustified the association knocked the doors of Supreme court on cryptocurrency matter. Aryama Sundaram is representing the petitioners body.
The ban put forward a deadline of three months from the date of circular which comes to 6th of July. Petitioners argued that, if the ban is implemented on 6th of this month, those who have currencies would be stuck with it. This could cause a major loss for the common people. They also said that any regulation which is needed for dealing with this kind of issue should come but it the regulation needs to drafted considering the point of view of petitioner.
All Eyes on Hearing Scheduled on 20th July
The petitioner would have to wait till 20th July as that is when the further hearing in the matter is listed as there was no respite from Supreme Court today. According to report on Bar And Bench, Supreme Court Bench consisting of CJI Dipak Misra, along with DY Chandrachud and AM Khanwilkar refused to order any ban on the circular.
Government of India as well as RBI has previous issued many warnings for those who are dealing in cryptos. Government of India went ahead and called it a Ponzy scheme and warned the residents from investing in Bitcoins and other cryptos. With Supreme Court taking firm stand on cyrptocurrency it would be interesting to see what the future holds for cryptos in India.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]