The country’s Supreme Court has postponed the consideration of the appeal in the case of compliance with the country’s constitution of a law banning the cooperation of financial institutions with cryptocurrency companies. The decision on this ban came take effect in July 2018.
Order passed in today's hearing. pic.twitter.com/rFOEiH5nsU
— KoinX (@getkoinx) January 14, 2020
Such a decision by the authorities led to the closure of at least two cryptocurrency exchanges – Coindelta and Koinex, which could not function normally without banking services.
For a long time, representatives of the cryptocurrency industry tried to fight legislative restrictions at different levels, but only the non-profit organization Internet & Mobile Association of India (IAMAI) managed to reach the Supreme Court.
Today, January 14, lawyer Ashim Suud, with the permission of the Supreme Court, explained the importance of decentralized networks and cryptocurrencies for the economy, as well as the consequences of the current ban.
Mr. Sood is reading out the RBI Circular and explaining the effect of this restriction. Explaining the nature of Cryptocurrencies.
— KoinX (@getkoinx) January 14, 2020
Ashim Suud noted that the word “currency” does not mean that digital assets are money in the usual sense. The Court will partially consider this case tomorrow, January 15.
Ascription of value to a thing has been an old practise. people ascribe value to stones and other material in the exchange of which they are interesting.
— KoinX (@getkoinx) January 14, 2020
Recall that in the summer of 2019, a group of advisers in the Government of India strongly recommended a complete ban on any use of cryptocurrencies and criminal liability for neglect of the law.
