The Indian Supreme Court postpones its decision in the case involving the world of cryptocurrencies against the central bank
The Indian Supreme Court postpones its decision in the case involving the world of cryptocurrencies against the central bank

By Roberto D. | CryptoFarm | 15 Jan 2020


A long time ago a lawsuit started, brought to the supreme court of India, against the behavior of Indian banks, on a mandate from the central bank, aimed at hindering the activity of professional cryptocurrency operators; it was not just about preventing exchanges from opening accounts, to make the expenses of the intimidating attitudes of the banks were, but it would be better to say they are, given that the situation has not changed, even for small traders.

 The ban imposed by the Indian central bank, which came into force in July 2018, has provoked the outrage of the cryptocurrency community globally, while at the local level bitcoiners have moved through public petitions and appeals to the courts contesting that this way of operating by the central bank were unconstitutional; the dispute therefore reached the supreme court of India, from which a ruling was expected in recent days, after there had already been some timid openings, but who instead decided to give themselves more time to make a decision.

Leading and supporting Indian bitcoiners in their fight against the central bank is IAMAI (an acronym for the Internet and Mobile Association of India), a non-profit organization whose mandate is to expand and improve the sectors of online value-added services. and mobile and to appeal to the government on behalf of Internet consumers, shareholders and investors.

 

Many observers living in India have however remarked how things are taking a positive turn for the simple fact that the supreme court has not rejected the case, but accepted it and is analyzing it, after all some indiscretions had already emerged in the past regarding the fact that the conduct of the Indian central bank, according to local laws, went beyond the boundaries of its institutional mandate.

The situation in the country, in any case, is quite chaotic and developments, in the current state of things, are decidedly unpredictable; At stake, among other things, is a bill, never officially presented but which somehow started to circulate last fall, which provides for the complete ban of cryptocurrencies in India.

Meanwhile, operators in the sector are trying to protect themselves, some have closed their doors, to avoid ending up overwhelmed by lawsuits that would have ruined them, still others have simply moved their headquarters abroad while the more cautious exchanges have limited themselves to close the ability to trade with fiat currencies and allow only crypto-crypto exchanges.

Waiting for the Indian Supreme Court to finally express itself on this issue, and in the hope that the government will not end up passing an extremely restrictive law against cryptocurrencies, we can only hope that the Indian bitcoiners will win their legal battle against the central bank, thereby asserting its rights in the appropriate offices.


Roberto D.
Roberto D.

Born in Italy, I live in Italy, passionate about cryptocurrencies since I discovered ethereum in 2015


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