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Indian Supreme Court to Consider Legality of Cryptocurrency Trading Restrictions

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On October 15, the Indian Supreme Court will host a meeting on the legality of the actions of the Reserve Bank of India (RBI) aimed at restricting the crypto trading.

The first hearing, which took place on August 21, 2019. That time the court ordered RBI to give a detailed explanation to the petition filed by the Internet & Mobile Association of India (IAMAI) on behalf of cryptocurrency exchanges. However, traders expressed their disagreement with the RBI decision to ban the provision of banking services to crypto companies. According to this residents cannot buy or sell digital assets for fiat currency. Though, officials needed to use alternative measures, in particular, apply the law on AML.

RBI representatives complied with the court order and sent an official response to the IAMAI office. At the same time, the latter prepared counterarguments and is going to voice them during the upcoming meeting. The plaintiffs are seeking to remove restrictions on access to banking services. They justify their position by the fact that the government imposed unreasonably harsh sanctions.

However, in the future, India will be able to ban virtual currencies completely. Now the country's authorities are considering a crypto prohibited bill. The regulator published a text of the bill entitled “Prohibition of cryptocurrencies and the regulation of official digital assets 2019” on July 23 this year. It states that the Committee recommends criminalizing any activity related to non-state virtual currencies.

The Indian cryptocurrency community is urging lawmakers to change their stance on digital coins. Therefore, one of Parliamentary intends to support the crypto industry by submitting documents received from commercial enterprises for consideration by the government.

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