The Supreme Court of India’s hearing on the central bank’s ban on crypto dealings, originally scheduled for July 20, has been moved to September, according to a July 19 Twitter post by a team of Indian lawyers involved in crypto regulatory analysis. The Reserve Bank of India’s (RBI) crypto banking ban was implemented in early April of this year, and prohibits local banks from providing services to any person or business that deals with cryptocurrencies. The July 19 tweet notes that the Supreme Court listened to “limited arguments” on the behalf of the Internet & Mobile Association of India (IAMAI) …

On July 20, the Supreme Court of India will hold a hearing regarding the state of cryptocurrencies in the country. It is a decisive date for the local crypto industry that has been significantly suppressed in the past month by the Reserve Bank of India’s (RBI) ban on all banks' dealings with crypto-related businesses. The hope for an overview of the hardline approach lives on, however, as last week a report citing anonymous sources in the government suggested that cryptocurrencies might be viewed as commodities in the future, and hence become regulated by relevant authorities rather than remain mostly banned. …

India is not going to put a blanket ban on digital currencies, but rather treat them as commodities, an anonymous source in the government told news outlet Quartz July 11. According to Quartz, a Finance Ministry panel has ordered a study on cryptocurrencies, which may suggest that the government would treat them as commodities. A senior government official with knowledge of the panel’s discussion told Quartz that they doubt the government aims to ban cryptocurrencies. The source said that regulators’ main concern is how to effectively regulate the trade and identify “where the money is coming from.” They added that, …

An official from Indian opposition party the Indian National Congress (INC) has demanded a probe into a “mega Bitcoin scam,” The Hindu reports July 5. The scam supposedly involves leaders of the majority Bharatiya Janata Party (BJP). Senior INC member Shaktisinh Gohil alleged that BJP officials were complicit in a “multi-layered” scam to launder money, which he claims the Criminal Investigation Department (CID) of Gujarat have estimated at Rs 5,000 crore, or about $723 million. The Hindu reports that the INC has demanded that the Supreme Court monitor an official investigation into into the matter. Gohil said that BJP members …

The Reserve Bank of India’s (RBI) deadline to implement ban to stop dealing with all crypto-related accounts expires Thursday, July 5, local news outlet The Times of India reports. The Supreme Court had also ruled earlier this week not to grant interim relief to those affected by the upcoming ban. Panjak Jain, who works in Indian blockchain and crypto communities as an investor and an advisor, tweeted on July 3 that “it’s unfortunate, but India’s Supreme court refused to stay the @RBI’s limitation on regulated entities from working w/ #crypto businesses.” Jain added that the “silver lining” is that the …

One of India’s largest exchanges Zebpay announced it was freezing Indian rupee deposits and withdrawals July 4, a day before a controversial bank ban on cryptocurrency businesses comes into effect. In a warning statement, Zebpay said current events were “beyond its control,” having previously warned users that rupee deposits and withdrawals “could” stop if the ruling from the Reserve Bank of India (RBI) went ahead. “INR deposits and withdrawals have been paused in the Zebpay app until banks allow us again,” an update to the original warning reads. On Tuesday, India’s Supreme Court upheld the ban deadline, declining to grant …

The Supreme Court of India has ruled not to grant interim relief to those affected by the Reserve Bank of India’s (RBI) ban on banks' dealings with crypto-related businesses, Quartz India reports today, July 3rd. The Supreme Court has thus yet again refused to stay RBI’s April 6 circular, which had directed all banks to extract themselves from existing relationships with crypto exchanges and traders within three months, due to take effect July 6th. The central bank’s controversial blockade has prompted both public and industry-led petitions, with some appealing to the courts on the grounds that the decision is unconstitutional. …

This interview has been edited and condensed. Cointelegraph had the opportunity to speak to ConsenSys’ Ajit Tripathi at BlockShow Europe 2018 about his experience leaving Wall Street for the crypto world, what new ConsenSys projects he’s most excited about, and why crypto regulation changes from country to country. Molly Jane: Could you tell us a little bit more about what ConsenSys does and what your role is there? Ajit Tripathi: ConsenSys is a venture production studio based in Brooklyn, and now we have offices in London, in about 30 countries, including London, Paris, South Africa, Australia, and Singapore — we're …

An Indian court declared former Member of the Legislative Assembly (MLA) Nalin Kotadiya a proclaimed offender in connection with a Bitcoin (BTC) extortion case amounting to $1.3 million, Business Standard reported June 18. Judge PG Tamakuwala declared Kotadiya a proclaimed offender or “absconder” under Section 82 of the Code of Criminal Procedure with reference to an application filed by the Criminal Investigation Department (CID). Kotadiya “remained untraceable,” even after a warrant was issued for his arrest. The CID initatiated proceedings again, seeking that the court should declare him a proclaimed offender. In India, a proclaimed offender proceeding is a procedure …

The government of the South Indian state of Kerala will use blockchain for food supply and distribution, local news outlet Business Standard reported June 17. The new project is headed by Keralan think-tank the Development and Innovation Strategic Council (K-DISC), and will use blockchain, as well as Internet of Things (IoT) technology, in an attempt to make the state’s supply network for dairy products, vegetables and fish more efficient. Chairman of K-DISC, KM Abraham, told Business Standard that each component of the supply network would have a separate ID number, through which its source, production, quality, and distribution could be …

Ripple (XRP) is expecting a positive regulatory framework to be forthcoming from India’s Reserve Bank (RBI), according to a Times of India report published Friday, June 15. Dilip Rao, Ripple’s global head of infrastructure innovation, is quoted by the Times as saying that despite RBI’s imposition of controversial restrictions on all domestic banks dealing with crypto, the bank’s recent inquiry into issuing its own central bank digital currency (CBDC) suggests that RBI might reverse its ban in the future: “There is a great regulatory comfort with Ripple Net — particularly in the light of the Bank for International Settlements’ policy …

Raj Kundra, a British businessman and spouse of Bollywood star Shilpa Shetty, was questioned by Indian law enforcement (ED) in connection with Amit Bhardwaj’s alleged cryptocurrency ponzi scheme, Quartz India reports Wednesday, June 6. Amit Bhardwaj and his brother, Vivek Bhardwaj had been arrested in India on April 4 on the charges of scamming about 8,000 investors out of around $300 mln through their GainBitcoin investment scheme. The platform guaranteed 10 percent monthly returns, a claim not realized by investors, and issued its own MCAP token in an Initial Coin Offering (ICO) that is considered fraudulent due to the company’s …