[9.30 AM] Today, The Supreme Court of India will hold a hearing regarding the state of cryptocurrencies in the country. It is a decisive day for the local crypto industry that has been significantly suppressed in the past month by the Reserve Bank of India’s ban on all banks’ dealings with crypto-related businesses.
[10:00 AM] The verdict itself may take a while to be pronounced, the proceedings will clear the government’s stance towards the industry and the Reserve Bank of India’s (RBI) reservations against bitcoin.
[10.30 AM] The matter is being heard by chief justice Dipak Misra along with justices AM Khanwilkar and DY Chandrachud. The attorney general of India (AGI), KK Venugopal, is also likely to be present for the hearing, following the court’s directive.
[11:00 AM] The hearing begins. Mr. Gopal Subramaniam, Sr. Advocate representing IAMAI submitted that in the world of digitalisation, such a Circular from RBI would be a loss. Source
[11:30 AM] Limited arguments were advanced on behalf of IAMAI and RBI today. Since SEBI and few others have not filed their response to the Petition seeking regulation, so the Court directed for completion of pleadings. Final arguments on 11th September. Source
[12:00] No interim relief or stay has been granted by the Supreme Court till the 9/11 hearing. It’s status quo for now.
That’s all for now folks.
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Credits: Quartz