Its the final phase, Indian supreme court is all set up to hear the final arguments on the petition against the Bitcoin banking ban on Tuesday, reported by local media.
The ongoing battle between Reserve Bank of India (RBI) and Internet and Mobile Association of India (IMAI) has enter the final phase of hearing. The original hearing was set on Sept 11, 2018, but due to the courts backlog hearings on other cases and RBI’s delay of filing a response resulted into two consequitive rescheduling of the sessions. The response arrived on September 12 from the Central Bank. In the Affidavit, RBI reserved its views on the cryptocurrency ban by telling the court that no legal system defines cryptocurrencies in its current format.
The RBI also argued with the Supreme Court over the people’s constitutional rights to interfere in regulatory matters.
RBI believes IMAI, the petitioner in the ongoing case, did not provide any valid arguments against crypto banking bans, which is why the supreme court should reject their pleas. The nature of those arguments are not been revealed by the bank leaving the crypto-enthusiasts to think that financial body fears that the court could reverse its ban.
At the same time the Central bank (RBI) doesn’t seem to be enforcing enough. The Indian cryptomarkets are moving underground or relying on the p2p trade to isolate the law. As a result, the Income Tax is losing thousands of dollars of taxes despite imposing a capital gain of tax over crypto assets’ profits.
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