In an Oct. 16 session on the ban that prohibits banks and financial institutions from providing digital currency-related services, the court shifted the date of the next hearing to Nov. 12. The date was further extended to Nov. 19 due to national holidays in India, which fall on the initial set date.
The Supreme Court of India has postponed a hearing that would consider the Reserve Bank of India’s (RBI) ban on providing services to cryptocurrency-related business.
The Reserve Bank of India against cryptocurrencies
In late August, the Supreme Court slammed the country’s central bank over its handling of the cryptocurrency business ban and ordered it to address complaints, giving the bank two weeks to justify it.
Originally issued in early April 2018, the RBI’s crypto circular prohibits banks from providing services to any individual or business that deals with cryptocurrencies while adding that it was also exploring releasing its own cryptocurrency in the future.
Following the circular release, the High Court of Delhi criticized it, stating that the RBI’s decision to end dealings with crypto businesses violates the constitution. The Supreme Court has continued to uphold the RBI ban even after hearing a number of petitions.
Complete ban on digital currencies
In late April, the Indian government reportedly began inter-ministerial consultations on the “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019″ draft bill, having found support from a number of government departments.
In June, the RBI denied having any knowledge or involvement in the draft, claiming that it had had no communication from the central government about the proposed law and had not received a copy of the draft bill.
Later in July, a government panel recommended that the government ban cryptocurrencies and impose sanctions for any dealings involving crypto assets.
Bitcoin Is Totally Different Than Libra: Calibra Head David Marcus
David Marcus, the head of Facebook’s forthcoming cryptocurrency wallet Calibra, said that he is a fan of Bitcoin, but it is totally different than the proposed Libra stablecoin.
Bitcoin is digital gold, Marcus Says
In a Squawk Box interview on Oct. 16, Marcus stated that he has been looking at Bitcoin since 2012 and considers it to be akin to digital gold.
When asked by Squawk Box co-host Joe Kernen if he owns any Bitcoin or other cryptocurrencies, Marcus did not answer directly but noted that he was an early fan of the major cryptocurrency. He said, “I’m a big fan of Bitcoin what I see as digital gold and totally different Libra.”
Bitcoin v.s. non-volatile and scalable cryptocurrency
While treating Bitcoin as digital gold, Marcus stressed that the Libra project is seeking to create a non-volatile and scalable cryptocurrency rather than provide services for a high-volatile asset such as Bitcoin. He explained:
“If there was a stable, low-volatility, scalable version of Bitcoin that we could use today, my life would be so much simpler. We could just focus on embedding that in the Calibra wallet.”
Stability of fiat currencies backing Libra
In the interview, the CNBC host, who is known for his Bitcoin maximalism, asked about Libra’s backing which will supposedly consists of a basket of major fiat currencies such as the United States dollar, euro, Japanese yen, British pound and Singapore dollar.
Specifically, Kernen stated that Libra’s planned peg to fiat currencies may not be a good idea, as such currencies are vulnerable to devaluation.
Marcus’ statements follow those of U.S. Representative Warren Davidson, who said that Facebook using Calibra would be a “way better idea” than creating a new asset.