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The Reserve Bank of India (RBI) recently pushed the country's Supreme Court for cryptocurrency regulations.
The financial institution, earlier this year, pushed commercial banks to stop dealing with crypto clients, a move backed by the Supreme Court.
The Reserve Bank of India (RBI), the country�s central bank, recently told the country�s Supreme Court that cryptocurrency regulations are necessary, as cryptos like bitcoin encourage �illegal transactions.�
According to local news outlet Financial Express the RBI, through senior counsel Shyam Divan, argued to a bench led by Chief Justice Dipak Misra that cryptocurrencies are necessary as they�re a �particular means� that �encourages illegal transactions� and affects the �international flow of funds.
Earlier this year the Indian government, via the Ministry of Finance, set up a committee to examine the country�s cryptocurrency scene. Per the news outlet an interdisciplinary committee led by Subhash Garg, secretary of economic affairs at the Ministry, is yet to present a report on potential crypto regulations.
Back in April, the RBI ordered all local financial institutions to bring their banking relationships with cryptocurrency-related businesses to an end citing high risks. In July, the Supreme court backed the central bank�s decision, effectively banning crypto activity.
A petition asking the central bank to backpedal its decision got over 22,000 signatures, but the ban moved forward. The move was a big blow to companies in the sector and after a three-month grace period was over, the ban came into effect.
India�s Supreme Court has now delayed a final hearing on RBI�s crypto-related ban to September 11, after Gopal Subramanium, appearing for petitioners, argued the RBI�s move was �baseless.� Per Financial Express, he argued:
In today�s tech world, transactions are done online and you need banks for that. This issue should concern the government.
Gopal Subramanium
The central bank�s move rallied up the cryptocurrency community, to the point eccentric cybersecurity pioneer and bitcoin bull John McAfee asked it to �stand together and act� against the RBI, while reacting to a piece that reported on an order imposed on financial institutions to stop servicing crypto clients.
Per the news outlet, various Public Interest litigations (PILs) � used to �raise issues of broad public concern� - challenging RBI�s move have been filed on the ban, with one coming from a group of �eleven different representatives from various crypto-related businesses.�
Earlier this month a local news channel revealed India wasn�t going to ban cryptocurrencies, but would instead label them commodities.