Supreme Court Hearing Archives

The cryptocurrency market slowdown continued this week as well. For Indian cryptocurrency investors, the issues are not only pertaining to the legal fight against the RBI circular dated April 6, but also the aftereffects of P2P crypto transactions. Over 800 cryptocurrencies are now as good as dead, and it hard to invest in anything but Bitcoin. Meanwhile, Amit Bhardwaj, arrested in an alleged $300 Mn Bitcoin scam, continued to be interrogated by various states’ police including Chandigarh, Pune and Delhi due to the cases registered against him across the country. The Enforcement Directorate of India too, has now taken notice of his Dubai properties of worth $5.9 Mn. The ED, in a tweet, said, “ED attaches assets worth $5.9 Mn in GainBitcoin Ponzi Scheme masterminded by Amit Bhardwaj and associates.” Despite a continuous poor performance by cryptocurrencies in 2018, billionaire Bitcoin investor Tim Draper is not backing down from his prediction of Bitcoin $250,000 by 2022. In other news, another Japanese cryptocurrency exchange Zaif has now reported that hackers have stolen around $60 Mn worth of cryptocurrencies from Zaif. Let’s take a look at this week’s development. Cryptocurrency Case: IAMAI Petition Not Based In Law Or On Facts, Says RBI Initially scheduled for a September 11 hearing at the Supreme Court, the cryptocurrency case has yet again been adjourned for next week. The RBI, meanwhile, in its submission to the court, said that the petition challenging the central bank’s circular dated April 6 is not maintainable either in law or on facts and, hence, liable to be dismissed as such. The RBI asserted that: “The impugned circular and the impugned statement neither violate the right to equality guaranteed under Article 14 or the right to trade and business guaranteed under Article 19 of the Constitution.” The RBI response added that “there is no statutory right, much less an infringed one, available to the petitioner to open and maintain bank accounts to trade, invest or deal in virtual currencies (VCs).” “The petitioner cannot seek to exercise the extraordinary jurisdiction of this Hon’ble Court to avail a right which they do not have,” it said. The multiple petitions filed against the RBI circular alleged that the ban it has imposed on banks barring them to deal with cryptocurrency entities violates Articles 19 (1) (g) and 14 of the Indian Constitution and will lead to the closure of such companies. The RBI maintained that the impugned circular and the impugned statement have been issued in a manner that is consistent with the powers conferred on the RBI by the law and the same are legal and valid. Japanese Cryptocurrency Exchange Zaif Hacked For $60 Mn After having gone through a $20 Tn Bitcoin blunder, the licensed Japanese cryptocurrency exchange Zaif has now reported another cryptocurrency theft of worth $60 Mn. The exchange was hacked between 5 PM and 7 PM on September 14. Three types of digital coins — Bitcoin, Bitcoin Cash and Monaco in — were stolen from Zaif’s ‘hot wallets (connected to the networks at all times), according to Nikkei. The exchange is now looking to generate funds from its group partner in order to compensate for the losses of traders and investors. UK Got No Plans to Regulate, Launch, or Adopt Cryptocurrencies Economic secretary to the treasury and city minister John Glen recently clarified that the Bank of England has no official plans to make a new fiat cryptocurrency, reported NewsBTC. He added that the decision has been taken after the Bank of England researched the topic, its implications and future potential of launching a fiat cryptocurrency. Earlier also in March, Glen had averred that the UK has no plans to actually recognize cryptos as a legal tender and there are no plans to either launching a crypto or make the existing — legal tender. In another development, Switzerland is joining hands with Israel for cryptocurrency regulations and more. Currently, very few Swiss banks have extended their services related to cryptocurrency transactions. Some of the banks have stopped their cryptocurrency-related services citing AML issues. Stay tuned for the next week edition of Cryptocurrency This Week!

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