Hello friends,
We are back with another update of Supreme court hearing on R.B.I ban on September 11.In this blog we will discuss what happened on the day and what to expect now.
INTRODUCTION :
We all were waiting long for the September 11 hearing of supreme court on crypto blanket ban but as usual we have to wait more.There has been 3-4 hearing passed since now in this matter but nothing came out as expected.This time supreme court has even postponed the hearing for two days due to some lengthy cases in between and then finally scheduled the case hearing on 18 September i.e. Tuesday.
WHEN WILL WE HAVE FINAL VERDICT ?
This is difficult to say that when the supreme court will give final call on this matter.But the september 11 hearing which is now scheduled to september 18 will be very crucial for the case.The two prominent judge bench of supreme court will decide the fate of crypto in India.
Let us tell you one more thing now Chief Justice of India is not looking into the matter but two other judges will preside over.On September 11 all eyes were on the supreme court decision but it first seemed that court will look into the matter after lunch but later called the day off.Same happened the next day too, bench couldn't get their hands in between to the matter due to many cases in between.
Finally today court asked to entertain the matter on September 18 , Tuesday.
WHAT R.B.I SAID TO THE COURT ?
R.B.I in its latest application told the Supreme court that it can't approve cryptocurrencies as a legal tender or form of payment.The stand of banking governing body is clear from last 5 years on virtual currencies.Now only Supreme Court can ask banks to deal again with crypto exchanges in India again by destroying R.B.I ban.
CONCLUSION :
Wait and more wait this is all we are getting from last few months.Indian crypto users and exchanges are suffering due to R.B.I ban for too long.Now Supreme Court verdict is the only hope left.Lets wait for the next hearing on tuesday and see what comes out.
See you all in our next blog !
Don't forget to comment down your views on R.B.I blanket ban.
Thanks, Sumit Kapoor @moneyguruu