A lawyer representing the Internet and Mobile Association of India in its writ petition against the RBI banking ban has shared new details of the progress to lift the ban with news.Bitcoin.com. The supreme court recognizes the urgency of hearing the RBI case without waiting for the Indian government to introduce crypto regulation.
The Urgency of Hearing RBI Ban Case
The Indian supreme court is hearing two crypto-related issues. The first concerns the crypto banking ban by the country’s central bank, the Reserve Bank of India (RBI). The other concerns the Indian government’s cryptocurrency regulation, lawyer Jaideep Reddy explained to news.Bitcoin.com on Monday.
He represents the Internet and Mobile Association of India (IAMAI), on behalf of Nishith Desai Associates, in its writ petition against the RBI circular in the country’ supreme court. The IAMAI is an industry body whose members include a number of local crypto exchanges. In its circular dated April 6 last year, the central bank banned financial institutions under its control from providing services to crypto businesses.
In the latest supreme court hearing, “The matter was actually heard for a reasonable period of time,” said Reddy, who represented the IAMAI in that hearing.
The petitioners’ counsel told the court that “the constitutionality of the RBI circular is a separate issue from the government of India committee’s decision” on crypto regulation, he recalled. “The court in the last hearing appreciated that the issues regarding the RBI circular on the one hand, and the larger government policy decision on the other,