The Indian supreme court has set a new date to hear the crypto case that was originally scheduled to be heard on July 23. The court is expected to address the writ petitions against the RBI banking restriction as well as the government’s report and the recently released draft crypto bill.
New Supreme Court Hearing Date
The Indian supreme court has rescheduled hearing the crypto case, originally scheduled for July 23 but was not heard on that date. The court is expected to address the writ petitions against the central bank’s crypto restriction as well as the report by the interministerial committee with recommended crypto measures and draft crypto bill. On July 24, the court set a new tentative date of Aug. 2 but updated it to July 25 by the end of the day for all five pending crypto writ petitions.
It has been a long struggle for the Indian crypto community since the Reserve Bank of India (RBI) issued a circular in April last year banning regulated financial institutions from providing services to crypto businesses. The ban went into effect in July last year and banks subsequently closed accounts of crypto exchanges.
Soon after the issuance of the circular, several industry stakeholders filed writ petitions to challenge the ban. The Indian supreme court was scheduled to hear all crypto-related petitions in September last year, but the case was repeatedly postponed.
Meanwhile, a number of crypto businesses have had to shut down due to the lack of banking access. At least four crypto exchanges fell victim of the ban.