The Supreme Court of India, which is hearing a bunch of petitions filed by cryptocurrency exchanges, groups, and enthusiasts, on July 20 set the final hearing date in the case for September 11. Meanwhile, as the RBI circular dated April 6 forced exchanges to shut down fiat-to-crypto transactions in India, cryptocurrency exchanges have gone P2P (peer-to-peer). Koinex became the latest exchange to launch a P2P trading platform — Loop — for Indian investors.
Meanwhile, after a two-month slowdown, Bitcoin is on the rise. Gaining over $1000 this week, Bitcoin trading at $7.3K back, is back with a bang. And so are other prominent cryptocurrencies.
Litecoin founder Charlie Lee, too, is back in the news. Speaking of cryptocurrency trading, Charlie Lee recently urged users to buy at least one Bitcoin before trading in any other cryptocurrency. He tweeted, “There will be at most 21 Mn Bitcoins in existence. There isn’t even enough BTC to go around for every millionaire to own one. So before you buy any other coin (LTC included), try to own at least 1 BTC first. Once you have 1 BTC, buy all the shitcoins you want!”
Let’s take a look at the latest developments from the world of cryptocurrencies!
SC Sets Sept 11 As Final Hearing Date For Crypto Case
In a much-awaited cryptocurrency-related hearing on July 20, a three-judge bench of the Supreme Court of India set the next and probably the final hearing date in the case for September 11.
The Reserve Bank of India (RBI), in its defence, told the Supreme Court that the circular has been issued to minimise illegal transactions, which could majorly impact the international flow of funds. The RBI also informed the three-judge bench that an interdisciplinary committee headed by Subhash Chandra Garg, the principal secretary of the department of economic affairs, is already looking at regulatory measures for cryptocurrencies. But, the circular was issued as a precautionary measure until a regulation is put in place.
Speaking to Inc42, Rashmi Deshpande, associate partner, Khaitan and Co, the advocate in this case for one of the petitioners — Kali Digital — said, “The Supreme Court is likely to dispose of the case on September 11, after hearing the arguments from both the parties.”