Cryptocurrency ban: SC to hear final argument on Bitcoin vs RBI case today; Here's all you need to know

The Supreme Court today will hear the final arguments on petition against the crypto banking ban by the country’s central bank, the Reserve Bank of India (RBI).

Today the hearing will take place after being postponed the second week in a row from the original hearing date of September 11. (Image: AFP)

Cryptocurrency ban: The Supreme Court today will hear the final arguments on petition against the crypto banking ban by the country’s central bank, the Reserve Bank of India (RBI). Earlier this year, the RBI had asked regulated entities not to get involved with traders or firm dealing in cryptocurrency and imposed a virtual ban on it. The decision by the RBI was later challenged by cryptocurrency exchanges in the Supreme Court. Today the hearing will take place after being postponed the second week in a row from the original hearing date of September 11. Reportedly, the three-judge bench will look into the merits of whether RBI could take such extreme call to ban the cryptocurrency trading without having a detailed consultation and will also seek government’s clarification regarding Bitcoin-regulation in the country. On July 20, the apex court ruled that all the cryptocurrency-related cases be clubbed and had finalised before the next hearing. Adjourned, the case will now be heard today. In October 2016, Bitcoin appeared to be the most gaining cryptocurrency in terms of value. Between October - December quarter, its value rose from $5,000 to around $20,000. In November 2017, a Public Interest Litigation (PIL) was filed seeking regulations on cryptocurrencies. Soon after the virtual currency ecosystem witnessed a boom in India, the RBI ordered entities not continue business with firms and individuals dealing in cryptocurrencies. “It has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs. Regulated entities which already provide such services shall exit the relationship within a specified time,” the RBI said in April. The Central Bank had also claimed that it has restricted the crypto trading in a lawful way that does not violate any of the country’s existing regulations. Thus, it asserted that the supreme court should not even consider evaluating the petitions submitted by crypto-related businesses and investors in the market of India.