The Indian Supreme Court has postponed the hearing of the crypto case on the request of the government’s counsel. The court did anticipate hearing about the Cryptocurrency regulation of the country on 29th of March, 2019 before the court could proceed to address the banking ban by the Central Bank. Nonetheless, the Crypto case has now been postponed.
The Supreme Court of India was scheduled for the hearing of the Crypto Case on 29th of March, 2019 after it provided the government with four weeks time period to produce a report on the regulatory framework for the Cryptocurrency during the last hearing that was held on 25th of February the same year. According to the order of the court, the upcoming hearing will be on 23rd of July, 2019.
The Cryptocurrency regulation of India is being drafted by Subhash Chandra Garg, who is the head of an inter-ministerial committee and also the Secretary of the Department of Economic Affairs, ministry of France. In the last hearing of the court, the government told the court that the committee was in the final stages of the deliberations and the exact date of the next hearing will be in the court order which is not yet released.
In the April last year, the Central Bank of India, The Reserve Bank of India (RBI) had issued a circular that banned the banks under its control from offering the services to the crypto businesses. The same ban went into effect from July and the banks all over the country closed the accounts of the crypto exchanges as well as the accounts of the customers that revealed the transactions involving the Cryptocurrencies. The banking restriction has forced the Indian Cryptocurrency exchanges to improvise and change their business models. Some exchanges launched escrowed peer-to-peer (P2P) services while others stick to the crypto only trading system.