The Supreme Court to hear the case next week


For the last three days, the case of the cryptocurrency has been updated

The question will probably be heard on September 18

Some of the interviewees, except the RBI, have yet to present their communications

Initially scheduled for September 11, the Supreme Court of India has now postponed the cryptocurrency hearing next week.

On July 20, a court of three Supreme Court judges ordered that all cryptocurrency cases be clubbed and finalized for the next hearing on September 11th.

In the last two days, the case has continued to be updated. Rashmi Deshpande, Advocate, Khaitan and Co, representing the signer Kali Digital, declared Inc42 "The date will be published in the list of causes for next week." The case is now likely to be listed on September 18th.

With the exception of the RBI, who has already presented his response in court, many of the other respondents have yet to submit their application. Speaking with Inc42, the applicant no. 2, attorney of Vijay Pal Dalmia, said that in addition to the RBI, the Ministry of Finance and the Ministry of Internal Affairs were also questioned in the case. However, these last two have not yet filed their requests.

The curious case of cryptocurrency in India

Unlike Japan, South Korea, Australia and Iran, India still seems to be confused with respect to the regulatory frameworks relating to Bitcoin, cryptocurrencies and the first offers of coins ( ICO).

Independently of the government that delays the cadres, essential for the legal exchange of cryptocurrencies in the country, Bitcoin's investments continue to rise.

After the demonetization, Indian investments in cryptocurrencies have increased no tax return on the Bitcoin gain. As a result, the tax authority of India issued communications to around 500,000 HNI that traded in Bitcoin last week.

On 29 December 2017, the government even compared Bitcoin and cryptocurrencies with Ponzi schemes. In a statement, the finance ministry had said: "There has been a phenomenal increase in recent times in the price of virtual" currencies "(VC), including Bitcoin, in India and the world. they have no intrinsic value and are not supported by any kind of resource. The price of Bitcoin and other VCs, therefore, is entirely a matter of mere speculation that results in spurt and volatility in their prices. and high investment bubble type seen in Ponzi schemes that can lead to a sudden and prolonged accident exposing investors, especially retail consumers who lose the hard-earned cash. "

Arun Jaitley while responding to a press request , clarified that the cryptocurrencies included Bitcoin were not supported by the government. The department has clarified that Bitcoin and other cryptocurrencies are not even legal. Thus, virtual currencies are not real currencies. They are also described as "coins". There is, however, no physical attribute to these coins. Therefore, virtual currencies are neither coins nor coins.

In November 2017, the Ministry of Finance announced the establishment of an interdisciplinary committee composed of 10 members under the chairmanship of Subhash Chandra Garg, Chief Secretary of the Department of Economic Affairs (DEA).

In an e-mail reply to Inc42 on 2 August 2018, the DEA then confirmed that the interdisciplinary committee had yet to submit its report to Jaitley.

Until April of this year, various banks continue to advise their users of Bitcoin trading and investment. Inc42 in his investigative report, discovered that many banks had already closed the accounts of various exchanges of cryptocurrencies.

On 6 April 2018, the RBI officially abandoned the first bomb issuing orders to the banks to prevent all types of services from being extended to the cryptocurrency entities.

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