Important Happenings From The World Of Cryptocurrency, Bitcoin, ICOs, And More [19 – 25 May]
The Supreme Court of India has clubbed all the Bitcoin-related cases against the RBI circular dated-April 6, and will next hear the case on July 20.
With Zimbabwe central bank and many other banks in various countries including Pakistan having issued similar circulars, as was issued by the RBI on April 6, Bitcoin is now apparently facing more rejections than acceptance.
From veteran investor Warren Buffett to Microsoft Chairman Bill Gates, a number of corporate leaders have joined the bandwagon led by none other than Paul Krugman – the Nobel laureate who, since Bitcoin’s invention, has been opposing its viability as a currency.
However, Twitter co-founder Jack Dorsey and McAfee antivirus founder John McAfee are standing by Bitcoin and counting cryptocurrency to be the ultimate future. While Jack Dorsey sees there will ultimately be one currency across the world and that will be a cryptocurrency, McAfee – a hardcore Bitcoin believer – still think that Bitcoin might cross $50K in the next six months.
Meanwhile, the gold (Bitcoin) is the new black. To keep up the Bitcoin hype, as a major Conference on Bitcoin kickstarted this week at Hilton hotel, New York, Lambos were hired to park outside the hotel.
Let us take a look at this week’s developments!
Cryptocurrency: Supreme Court Bars All Courts From Taking Any Plea Related To The RBI Circular
As cryptocurrency firms, enthusiasts and organisations moved various courts against the RBI circular dated April 6, the Supreme Court (SC) of India, upon hearing a related case, has directed to club all the petitionspending across various courts in this regard.
The Supreme Court has also refused to put any stay on the RBI circular, till the matter is under sub judice.
While the next hearing has been scheduled on July 20, hearing the writ petition of Siddharth Dalmia along with other similar petitions filed in the SC, a three-judge bench headed by the CJI ordered that no high court will entertain any petition relating to the RBI circular on ‘Prohibition on dealing in Virtual Currencies’.
Speaking to Inc42, Dwaipayan Bhowmick, who last year had filed a petition in Supreme Court seeking the government’s clarifications on Bitcoin stated, “Next date of hearing is 20th of July and as of now, all other petition has been transferred to the SC and the bench has given order that no writ regarding Bitcoin shall be entertained by any High Court from now onwards.”
As reported by Inc42, Kali Digital and Flinstone Technologies had earlier approached the Delhi High Court against the RBI circular and the matter was to be heard on May 22.
Another organisation, Ayushman Foundation, had also approached the Calcutta High Court against the ban. The SC has now directed the SC Registry to register the mentioned transfer petitions and to issue a notice fixing a returnable date within six weeks.
However, the CJI-headed bench has said that it will hear all the petitioners that are being linked to this case.
SC Refused To Entertain IAMAI’s Application
The Supreme Court of India, which already has clubbed a number of Bitcoin cases pending across the country into one, has now refused to entertain IAMAI’s intervention application citing that the matter is already pending in the court, tweeted Crypto Kanoon.
