India: Supreme Court Gives Central Bank 2 Weeks to Justify Crypto Ban

“India’s Supreme Court has slammed the country’s central bank over its handling of a cryptocurrency business ban and ordered it to address complaints.

Judge: RBI has not properly responded to representation
In the latest session of an ongoing hearing into the actions of the Reserve Bank of India (RBI) on Aug. 21, the court ruled that officials had not appropriately responded to concerns from the cryptocurrency industry over its actions.

The RBI forbade banks from servicing crypto operators such as exchanges in July 2018 — effectively stopping such platforms from continuing to operate in India.

On Wednesday, the move came in for severe criticism from Supreme Court Justice Rohinton Fali Nariman.

As summarized by advisory resource Crypto Kanoon, which was present at the hearing, Nariman gave the RBI just two weeks to justify its actions.

‘Now justice Nariman questions RBI why you have not properly responded to the representation. You just said that we are forwarding to Govt. Angrily says this is not an answer,’ one update on Twitter read.”

Master Asked on August 21, 2019 in Cryptocurrency.
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