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RBI vs. Crypto Breaking: Hearing of The Case Adjourned by Supreme Court Till January 2019

November 23, 2018 14:16
Supreme Court
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So here comes one more date in the hearing of RBI vs. Cryptocurrencies case. The case has now been listed for hearing on 15th of January 2019, officially ruling out a conclusion of the trial this year. The news was broken by our friends at Crypto Kanoon, and now the hopes of a speedy resolution have been completely washed out.

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It’s also turning out that Govt. has indeed not filed any affidavit in the Supreme Court as per the directive of SC. The report published by Quartz which stated that government has filed an affidavit might actually have been based on a copy of the affidavit which was prepared to be filed. That copy has also reached Crypto Kanoon, but according to them it doesn’t make the cut as a reliable copy for reporting because until the affidavit is filed in Court the government can change its content. So even if the copy of the affidavit says that a committee under Finance Ministry is working on crypto regulations, and the draft of regulations will be presented before Inter-ministerial committee next month, we can’t be sure about those claims being made in the Court until the affidavit is formally filed.

In case you don’t know, after repeated adjournments, the crypto case had been heard in SC on 25th of October. After hearing both parties Court had asked RBI and Union of India to file a counter-affidavit within two weeks. In the affidavit government had to tell clearly what it wanted to do with cryptocurrencies. Now, it’s looking that Govt. prepared the affidavit, but didn’t file it in the Court. And instead of coming down on the Govt. for non-compliance of its order, the Court decided to put off the hearing until January 2019! Clearly, this was not expected from the Court.

Anyways, what had to happen has happened. We should now brace for an endless wait until mid-2019 at least if such distant dates are to be given for every hearing.

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