This effectively extends the Reserve Bank of India’s cryptocurrency dealings ban, which was previously called “unconstitutional” by the High Court of Delhi, and marks the start of another chapter in the ongoing cryptocurrency court battle in India, reports CCN.
The news does, however, provide a glimmer of hope for India’s cryptocurrency sector, as the new hearing date of July 23 falls on a “Regular Day” in the Supreme Court’s busy calendar. This means that the court will have time to fully consider the case, including the final arguments submitted to the bench. This would have been impossible on the previously set date of hearing, which fell on one of the court’s “Miscellaneous Days” during which decisions usually take no longer than three minutes.
The court granted this latest rescheduling at the request of Shyam Divan, head of the RBI’s legal counsel, on the grounds that a “Regular Day” would be more appropriate for hearing the complex case involving cryptocurrency regulations. A date earlier than July 23 was not available due to the Supreme Court’s full schedule and May 13 to July 1 recess.