We're less than a day away from the much awaited Supreme Court hearing on RBI's mandate dated April 6. Anything can happen tomorrow.
There is no precedent for SC judges to decide on any judgement surrounding cryptocurrencies. What are they going to do tomorrow is anybody's guess.
I'm not expecting the ban on banking services to cryptocurrency exchanges to be overturned tomorrow. However, SC might set another date to pass a final judgement.
All pending cases against RBI from all the petitioners have been clubbed together for hearing tomorrow. It's very likely that the judges will consider the arguments from petitioners and RBI tomorrow and take time to make a judgement.
But it feels like the D-Day tomorrow because we've been waiting for this day from the 6th of April when the ban went into place and from the last couple of weeks of May when the date for hearing was set by the apex court of India.
This is an interesting time to be living in India when new technologies aim to revolutionise monetary systems in a country filled with archaic mindset and laws.
The fate of cryptocurrency legalisation is in the hands of the apex court of India. I can only wonder what the judges must be thinking. I hope they have enough facts on hand to make the correct judgement call.
The initial draft of the regulation that was supposed to have come by the 15th of this month but seems far away still.
Ideally, court needs to rule in the favour of everyone invested in the future of cryptocurrency, decentralised and distributed blockchain technology. It will increase the number of possibilities in an economy whose growth is already stifled by various factors.
I hope to be able to share some positive news tomorrow. Watch this space for more updates as things get clearer.
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