India's crypto industry body makes it clear there will be no contempt of court challenge against India's central bank, RBI, after brian_armstrong, the co-founder and CEO of Coinbase had raised the question. Amitoj Singh reports.
from supporting or engaging in crypto transactions. The Supreme Court, however, overturned that rule early in 2020.Procedurally, legal sources say a contempt of court challenge is technically best filed by the original petitioner in the Supreme Court, which in this case would be the IAMAI. If it is not the original petitioner, then an individual entity seeking to file a contempt of court is required to first prove how it is an aggrieved party to the case.
Sources have indicated divergent views regarding the IAMAI's position. While no difference of opinion exists between major players on the collective decision of the IAMAI to avoid a legal battle against the RBI, there are less-influential players who believe a legal challenge is the best way forward.
At least one person has indicated that, legally, all the ducks are in a row to file a contempt of court challenge – which includes funding and legal process approvals – but, for now, the industry body is unequivocally against the idea.
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