India’s Cryptocurrency Saga Enters A Crucial Phase In The Supreme Court Today
All eyes in the Indian cryptocurrency ecosystem are on the country’s top court. Starting today (July 20), the supreme court will resume hearings in the case that virtual currency exchanges have filed against the central bank’s measures that have stifled their businesses.
While 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 and its ilk.In April, the RBI had directed banks to wind down all cryptocurrency-related accounts by the first week of July. Soon after, the bourses challenged this in the supreme court. The RBI’s diktat has been primarily challenged by the firms on two grounds, said lawyers familiar with the case. These are article 19(1) (g) of the Indian constitution, which allows citizens to enjoy the right to carry on any occupation, trade, or business; and article 14, which prohibits discrimination and mandates equal protection under the law for all.