Indian Supreme Court Postpones Crypto Ban Hearings

Suzat

October 17, 2019 10:12 pm

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The Supreme Court of India has postponed the digital currency hearing that would consider the Reserve Bank of India’s (RBI) ban on providing services to crypto-related business.

A recent Tweet shared a piece of information about the ban that prohibits banks and financial institutions from providing digital currency-related services, the court moved the date to Nov. 12. The date was later extended to Nov. 19 due to national holidays in India.

The Supreme Court recently banged the country’s central bank over its handling of the cryptocurrency business ban and ordered it to address complaints, giving the bank two weeks to justify it.

In November 2018, Indian former Finance Minister Mr. Arun Jaitley was openly asked to look into the regulation of Bitcoin and altcoins. Mr. Nischal Shetty, CEO of WazirX has reached out to India’s top lawmaker on Twitter.

The CEO requested the minister to focus more on cryptocurrencies’ potential benefits rather than its limited misuse. Mr. Shetty claimed that every industry has its own problems and they shouldn’t be the reason to hamper innovation which could benefit the country’s growth.

Mr. Shetty said:

“We need to tweet to our minister every day till we get a reply. The more we tweet, the more chances of our voice being heard & crypto getting a positive regulation in India.”

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