In what will come as a temporary relief, the Supreme Court of India has refused to stay proceedings against cases filed by cryptocurrency exchanges in India on Friday.
A twitter handle going by the name Crypto Kanoon said, “Big day for Indian Crypto Community! Supreme Court to hear all Crypto Petitions including those against RBI banking restriction on 11th May/today. RBI has filed it’s reply.”
— Crypto Kanoon (@cryptokanoon) May 11, 2018
Although the Twitter handle says it was supposed to be heard today, the hearing will actually take place on May 17.
The case to regulate cryptocurrencies in India was filed by one Dwaipayan Bhowmik and the respondents included Ministry of Finance, Ministry of Law and Justice, Ministry of Electronic and Information Technology, Securities and Exchange Board of India (SEBI), Reserve Bank of India (RBI), Income Tax department and Enforcement Directorate.
Crypto-News spoke to Bhowmik and he said, “In November I had filed the petition as a responsible citizen and to attempt to prevent financial crimes such as money laundering, flesh trade etc. It must be noted that when I had filed the petition bitcoin’s value was not that much. In December, the value shot up from Rs 7,00,000 to nearly Rs 13,00,000.”
However, he added that although the matter came to the registry court multiple times, in the span of four months, only once did SEBI file a counter petition for interim relief.
This particular court case has two other petitioners. One petitioner wants “bitcoin to be allowed by the government”, whereas the other petitioner wants bitcoin to be completely banned. Mr. Bhowmik said that he doesn’t want either of the outcomes. Elaborating he said, “I just want it to be regulated.”
Responding to SEBI’s plea for interim relief, Supreme Court brought up the matter today and declined to provide any interim injunction and stated that the matter would be heard on May 17.
Readers may note that this case has nothing to do with the petition filed by Coil Recoil and four other cryptocurrency exchanges in the Delhi High Court. That matter is scheduled to be heard on May 24.
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