RBI Responds to IAMAI as per Supreme Court orders

Sohail Merchant, the founder of cryptocurrency exchange, PocketBits announced that the central bank of India, the Reserve Bank of India (RBI) has responded to the Internet and Mobile Association of India (IAMAI) on Tuesday.

Earlier, we had reported that the Supreme Court, in its last hearing had given the central bank two weeks to prepare its response to the IAMAI as to why they had stuck to their stance of banning cryptocurrencies, instead of engaging in dialogue.

In the hearing, the court ruled that the RBI had not responded to the representation given by the exchanges, which addressed the concerns of the regulator through various self-regulatory measures. The Supreme Court has now given India’s Central Bank two weeks to respond to the representations which asked for reconsideration of the ban.

The next hearing will take place on September 25. We spoke to Sohail Merchant and asked him if we could be hopeful. Unfortunately, he stated that he was not at liberty to reveal any specifics which is absolutely correct. Legal matters require far more discretion than ordinary stories. However, we hope that the hearing on September 25, brings better news than last time.

God knows we have waited long enough for a favourable verdict.