{"id":3004,"date":"2018-07-23T05:48:34","date_gmt":"2018-07-23T05:48:34","guid":{"rendered":"http:\/\/www.wakilsahab.in\/news\/?p=3004"},"modified":"2018-07-23T05:48:34","modified_gmt":"2018-07-23T05:48:34","slug":"reserve-bank-of-india-urges-supreme-court-to-regulate-crypto","status":"publish","type":"post","link":"https:\/\/www.wakilsahab.in\/news\/reserve-bank-of-india-urges-supreme-court-to-regulate-crypto\/","title":{"rendered":"Reserve Bank of India Urges Supreme Court to Regulate Crypto"},"content":{"rendered":"<p>Source &#8211;\u00a0cointelegraph.com<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-3006\" src=\"https:\/\/www.wakilsahab.in\/news\/wp-content\/uploads\/2018\/07\/reserve-bank-of-India-1-300x200.jpg\" alt=\"\" width=\"381\" height=\"254\" srcset=\"https:\/\/www.wakilsahab.in\/news\/wp-content\/uploads\/2018\/07\/reserve-bank-of-India-1-300x200.jpg 300w, https:\/\/www.wakilsahab.in\/news\/wp-content\/uploads\/2018\/07\/reserve-bank-of-India-1.jpg 740w\" sizes=\"auto, (max-width: 381px) 100vw, 381px\" \/><\/p>\n<p dir=\"ltr\">India&#8217;s\u00a0central bank, the\u00a0Reserve Bank of India\u00a0(RBI), has urged the country\u2019s Supreme Court to regulate cryptocurrencies, local news outlet the\u00a0Financial Express\u00a0reports July 21.<\/p>\n<p>In April of this year, the RBI\u00a0announced\u00a0it will stop providing services to businesses or persons dealing with cryptocurrencies, citing high risks.<\/p>\n<p>The RBI\u2019s senior advocate Shyam Divan told a bench led by Chief Justice Dipak Misra that it is necessary to regulate\u00a0Bitcoin\u00a0(BTC) and other cryptocurrencies since these \u201cparticular means\u201d will \u201cencourage illegal transactions.\u201d<\/p>\n<p>Divan also pointed out that the issue has \u201cimmense policy dimensions,\u201d attesting that crypto has the potential to impact global money flows.<\/p>\n<p>The senior advocate explained that an interdisciplinary committee headed by secretary of economic affairs, Subhash Garg, set up in 2017 in order to develop the regulatory framework for cryptocurrencies, is examining the issue. The RBI will require three weeks to respond to multiple petitions on the regulations.<\/p>\n<p>On July 19, the Supreme Court reportedly\u00a0postponed\u00a0the final hearing on the RBI\u2019s ban on crypto dealings \u2014 \u00a0originally scheduled for July 20 \u2014 to September 11.<\/p>\n<p>The April crypto-dealing ban received backlash from the Indian crypto community, including an\u00a0online petition\u00a0to reverse the ban that garnered over 44,000 signatures. In May, India\u2019s Supreme Court\u00a0decided\u00a0not to grant an interim injunction against the RBI ban sought by eleven crypto-related businesses.<\/p>\n<p>Also in May, India\u2019s Supreme Court\u00a0ordered\u00a0that no petitions can be filed in any Indian High Court against the RBI decision to ban crypto dealings. On July 5, the RBI\u2019s three month deadline for businesses to withdraw from crypto\u00a0came to an end, meaning that the ban has fully entered into force.<\/p>\n<p>On July 12, an anonymous source in the Indian government\u00a0reported\u00a0that authorities may plan on classifying cryptocurrencies as commodities, instead of implementing a blanket crypto ban.<\/p>\n<div class=\"fb-background-color\">\n\t\t\t  <div \n\t\t\t  \tclass = \"fb-comments\" \n\t\t\t  \tdata-href = \"https:\/\/www.wakilsahab.in\/news\/reserve-bank-of-india-urges-supreme-court-to-regulate-crypto\/\"\n\t\t\t  \tdata-numposts = \"5\"\n\t\t\t  \tdata-lazy = \"true\"\n\t\t\t\tdata-colorscheme = \"light\"\n\t\t\t\tdata-order-by = \"social\"\n\t\t\t\tdata-mobile=true>\n\t\t\t  <\/div><\/div>\n\t\t  <style>\n\t\t    .fb-background-color {\n\t\t\t\tbackground:  !important;\n\t\t\t}\n\t\t\t.fb_iframe_widget_fluid_desktop iframe {\n\t\t\t    width: 100% !important;\n\t\t\t}\n\t\t  <\/style>\n\t\t  ","protected":false},"excerpt":{"rendered":"<p>Source &#8211;\u00a0cointelegraph.com India&#8217;s\u00a0central bank, the\u00a0Reserve Bank of India\u00a0(RBI), has urged the country\u2019s Supreme Court to regulate cryptocurrencies, local news outlet the\u00a0Financial Express\u00a0reports July 21. In April of this year, the RBI\u00a0announced\u00a0it will stop providing services to businesses or persons dealing with cryptocurrencies, citing high risks. The RBI\u2019s senior advocate Shyam Divan told a bench led [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3005,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[2279,2280,2278,2268,2215,342,683,7,2214],"class_list":["post-3004","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-banks","tag-bitcoin-regulations-news","tag-crypto","tag-cryptocurrencies","tag-free-legal-advice","tag-government","tag-reserve-bank-of-india","tag-supreme-court","tag-wakilsahab"],"_links":{"self":[{"href":"https:\/\/www.wakilsahab.in\/news\/wp-json\/wp\/v2\/posts\/3004","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.wakilsahab.in\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.wakilsahab.in\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.wakilsahab.in\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.wakilsahab.in\/news\/wp-json\/wp\/v2\/comments?post=3004"}],"version-history":[{"count":1,"href":"https:\/\/www.wakilsahab.in\/news\/wp-json\/wp\/v2\/posts\/3004\/revisions"}],"predecessor-version":[{"id":3007,"href":"https:\/\/www.wakilsahab.in\/news\/wp-json\/wp\/v2\/posts\/3004\/revisions\/3007"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.wakilsahab.in\/news\/wp-json\/wp\/v2\/media\/3005"}],"wp:attachment":[{"href":"https:\/\/www.wakilsahab.in\/news\/wp-json\/wp\/v2\/media?parent=3004"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.wakilsahab.in\/news\/wp-json\/wp\/v2\/categories?post=3004"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.wakilsahab.in\/news\/wp-json\/wp\/v2\/tags?post=3004"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}