RATE Group | RBI Ignored Exchanges’ Arguments on Bitcoin Ban: Court
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RBI Ignored Exchanges’ Arguments on Bitcoin Ban: Court

21 Aug RBI Ignored Exchanges’ Arguments on Bitcoin Ban: Court

Posted at 17:56h in Bitcoin News by

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The Reserve Bank of India (RBI) did not correctly respond to the presentation that could have removed the necessity of banning bitcoin trading in the country, found the apex court.

The Supreme Court of India noted in a hearing today that the central bank forwarded the presentation to the government. But what it should have done is provide the exchanges with a detailed, point-by-point response. Judge Rohinton Fali Nariman ordered the RBI to respond to the same presentation in two weeks, shifting the next hearing date to September 25, 2019.

“After hearing arguments we are of the view that detailed representations by exchanges purusant to this court’s order 17.05.2018, have not been answered point by point, therefore RBI to reply them with in 2 weeks. SG to furnish various docs within 1 week,” said Judge Nariman, as confirmed by Crypto Kanoon, an India-based cryptocurrency news source, which was reporting the hearing live via Twitter feeds.

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