India’s Supreme court postpones hearing of the cryptocurrency


Indian cryptologist was looking forward to today because the Supreme court had to decide whether a legal reason to ban the Indian Central Bank on service of accounts of the cryptocurrency.

However, it seems the Supreme court was too busy considering other things, which greatly exceeded the estimated time and thus, the question for consideration of cryptocurrency lawsuit was first delayed until late in the evening, and then tomorrow, as the review of a prior case is not over.

This means that the Indian cryptologist should wait another 24 hours before the Supreme court makes a historic decision on the level of freedom in India, and how it can be used by citizens of the second largest country in the world.

Representatives of the crypto community to note that no other democracy in the world has banned scriptactive and not introduce blocking of banking services. Only authoritarian China’s Central Bank did this, and now India’s Central Bank repeats its actions.

The arguments of the parties

Indian crypto currency exchange filed for Bank to court, claiming that his unconstitutional dictates and refer to article 19 (1) (g) of the Indian Constitution, which allows citizens to enjoy the right to engage in any profession, trade or business, and article 14, which prohibits discrimination and provides for equal protection under the law for all.

The Central Bank claims that its ban is aimed solely at protecting investors because the cryptocurrency market is too volatile.

In addition, his representatives refer to the lack of regulation, and that the cryptocurrency can be used by criminals. Assurances of kryptomere that their users are identified, which allows to identify the participants of the transaction were not accepted by the Bank, although the Bank had previously recognized that criminals use the Indian rupee is much more than a cryptocurrency.

However, the real reason for the ban may consist in the control over the movement of capital, as India observed the rate of inflation of 12% or more.

It is difficult to predict what the decision of the court, but it clearly will have a significant impact on the crypto community.

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