• Days
  • Hours
  • Mins
  • Secs
  • Thu, 19 Sep 2019, 07:00 PM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Supreme Court of India reschedules hearing of crypto case

Thu, 25 Jul 2019, 03:51 am UTC

The Indian Supreme Court has scheduled a new date for the crypto case hearing that was originally set on July 23, according to Bitcoin.com.

As per the report, the court is expected to address the writ petitions against the crypto restrictions of the country’s central bank as well as the inter-ministerial committee report and the newly released draft crypto bill.

The court initially rescheduled at a tentative date of August 2, but this was later on updated to July 25 for all five pending crypto writ petitions.

Crypto exchanges in India have been in a year-long battle after a circular issued by the Reserve Bank of India (RBI), which took into effect on July 2018, imposed a ban for regulated financial institutions to provide services for crypto-related businesses.

Several industry stakeholders filed writ petitions to challenge the circular released by the RBI. The petitions were initially scheduled to be heard last September, but the case was continually postponed.

The Indian government has been drafting policies for cryptocurrencies since 2017, even organizing a high-level interministerial committee to study all aspects of crypto.

On July 22, the Indian Department of Economic Affairs (DEA) officially announced that it has received the report on cryptocurrency regulation along with a draft bill from the committee.

The draft bill, entitled “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019,” proposes a complete ban on private cryptocurrencies in the country, saying they have “no underlying intrinsic value” and they “lack all the attributes of a currency.”

There is no fixed nominal value of these private cryptocurrencies i.e. neither act as any store of value nor they are a medium of exchange. Since their inceptions, cryptocurrencies have demonstrated extreme fluctuations in their prices. Therefore, the Committee is of clear view that the private cryptocurrencies should not be allowed.”

The proposed policy further wants to illegalize mining, generating, holding, selling, dealing, issuing, transferring, disposing, and using cryptocurrencies. Anyone found to be doing such activities can be fined by up to 250 million rupees (~$3.63 million) or imprisoned for up to 10 years, or both.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,058.10 (-1.61%)
  • Ethereum (ETH) $220.52 (+3.45%)
  • XRP (XRP) $0.302700 (-3.54%)
  • Bitcoin Cash (BCH) $317.34 (-3.06%)
  • Litecoin (LTC) $77.18 (-2.18%)
  • Bitcoin (BTC) $10,058.10 (-1.61%)
Sep 19, 2019 (Thursday)
12:27
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:27
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:57
Chinese financial institutions increasingly adopting big data, blockchain and AI: Moody’s
10:50
Crypto Technicals: Monero fails to hold 200-DMA break, erases most of previous session's gains
10:16
North Korea reportedly in early stages of developing bitcoin-like national cryptocurrency
09:37
UAE’s Ministry of Health and Prevention rolls out blockchain-based system
09:17
PUBLISH’s native token ‘NEWS’ listed on CoinMarketCap
08:44
Craig Wright asks 30-day extension as he holds talks to settle $10B lawsuit
08:33
Crypto Technicals: Litecoin (LTC) flashing signs of weakness, bearish engulfing and overbought oscillators weigh
07:40
Germany adopts comprehensive blockchain strategy to block Facebook's cryptocurrency Libra
07:36
Litecoin Foundation selects Celsius Network as preferred interest bearing wallet
06:42
Turkey plans to create National Blockchain Infrastructure and regulatory sandbox
06:29
Crypto Technicals: ETH/USD retreats from 6-week highs at 217.49, close below 200-DMA to see further weakness
05:33
Tata Motors looks to collaborate with startups on blockchain-based solutions amid automotive sector slowdown
04:49
Cybersecurity startup GK8 scores $4M to conduct cryptocurrency transactions without connecting to the Internet
04:48
Crypto Technicals: Bitcoin turns bearish, slumps below $10,000 mark
03:56
SpaceChain wins €60K grant from European Space Agency for blockchain satellite wallet
03:52
Huobi launches fiat-to-cryptocurrency exchange in Argentina
Sep 18, 2019 (Wednesday)
04:56
Crypto exchange Binance.US to not launch in 13 U.S. states
04:29
VanEck, SolidX pull out bitcoin ETF proposal from SEC
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft