India’s highest court has delayed today a hearing on the Reserve Bank of India’s (RBI) barring of banks providing services to individuals and companies involved in the crypto business.
Although cryptocurrencies are not legally prohibited in the country, the central bank’s order led to collapse of several domestic crypto platforms. Some exchanges were forced to choose the peer-to-peer services such as WazirX. Meanwhile, other exchanges terminated their services, like Coindelta due to this worrying crypto climate in the country.
RBI’s order, which is dated back to April 2018, represents a challenge to the Indian crypto community.
In February 2019, the Supreme Court asked the government to submit regulations governing the cryptocurrency industry within 28 days.
Accordingly, the court will look into the government’s regulations before judging the constitutionality of the central bank’ ban.
Kashif Raza, co-founder of the crypto exchange Kanoon, said the crypto industry should not be affected by the court’s decision.
“The best part is that the court is willing to hear the matter, the court has not adjourned the matter, it has only passed over it,” he added. “I think it’s a very good sign, the court is willing to give both sides a fair chance to present their arguments […] cheer up!”