India's Supreme Court backs central bank ban Dealing with digital currencies
India's Supreme Court has ruled that no petitions can be filed in any Supreme Court in India against the Reserve Bank of India’s (RBI) On April 6 on ending all transactions with digital currencies, according to the local news site "Inc42".
On May 17, a panel of Indian lawyers involved in the digital currency regulatory analysis indicated that the Supreme Court had refused to halt the digital currency ban issued by the Reserve Bank of India and ruled that no further petitions against the Indian Reserve Bank Supreme Court. The Supreme Court has also reportedly set the next hearing datefor the existing petitions for July 20, 2018
— Crypto Kanoon (@cryptokanoon) May 18, 2018
Anatomy of variance in reports by platforms on SC hearing date:
1. 30th -Date first given by Court which was immediately changed to 20th on a Counsel's request.
2. 13th -Mistake in hearing 30th as 13th.
3. 20th -Actual date fixed by the SC.
4. 2nd -System generated on SC website. https://t.co/7Vy5pqlctO
Last week, the Supreme Court refused to grant a court order judicial by 11 different digital currency-related businesses against the Reserve Bank of India's decision, with the new case set for May 17. The editorial team adds that as of the Supreme Court's decision on May 17, any pending petitions against the circulation of the Indian Reserve Bank of India to the Supreme Court will be transferred.
At the end of April, the Supreme Court in Delhi also issued a notification to the Reserve Bank of India, the Ministry of Finance and the GST, which claimed that the decision to terminate digital transactions violated the Constitution.
The public protest against the ban included an online petition to "Make India at the forefront of the Blockchain Application Revolution," which won 44,000 signatures. Tim Draper, the US technology investor, also referred to the ban as a "serious mistake" that could cause minds to escape the country.
Despite its no tolerance stance toward decentralized cryptocurrencies, the Reserve Bank of India is thinking of issuing its CBDC special currency. The Reserve Bank of India has formed an interdepartmental group to investigate the potential advantages of such a currency