India’s Supreme Court has adjourned the cryptocurrency case and it will now most likely be listed for hearing on September 18th. Earlier in the day, the apex court adjourned all the matters including the crypto matter because of another case.
In addition, RBI has filed a counter-affidavit in the Supreme Court to clarify its stance against cryptocurrencies. RBI has pointed to the Indian constitution in the affidavit and mentioned that there is no legal system to regulate virtual currencies. It has also highlighted the Coinage Act and RBI Act and explained that Bitcoin cannot be classified as a currency or money under the existing legal frameworks. IAMAI had asked the Supreme Court to adjourn the matter in order to file a rejoinder to the counter affidavit but the Court declined to entertain the mentioning. The counter-affidavit has brought an interesting twist to the case. Watch this space for more updates.