Cryptocurrency exchange’s in India has not come to an end for now; the impending judgment has been delayed for one week which was earlier scheduled to be revealed on September 11. In a recent update, it is mentioned that the case is likely to be heard on September 18. The prime reason behind the delay is due to the non-filed submissions from some of the respondents except RBI.
According to INC 42, it is stated that the Supreme Court of India will take some more time to unveil the fate of cryptocurrency and the operating exchanges which have been barred currently from the payment systems. A three-judge bench of the court had ordered to club all the related cases in July this year. However, the case continued to be adjourned since last two days with no clear response from respondents. A senior advocate Rashmi Deshpande informed that the actual hearing dates will be announced in the next week’s cause list.
It seems as if the entire crypto community and the cryptocurrency exchanges will have to wait at least till 18 September 2018, which will probably decide their fate in India market. This, in fact, has become one the most sensitive cases with several government agencies involved directly in it. Indeed the final outcome will take some more time as there are serious arguments and discussions expected in the case. (Via Krypto Money)
Will Government Support Cryptocurrency Exchange And Trade?
Despite receiving a wonderful response in the market the government has perhaps been adamant to eliminate crypto coins from the trade. However, the government has a major objective to promote and implement “Digital India” campaign in the country which has supported the idea of blockchain technology. Interestingly, it is the same technique which runs the cryptocurrency exchange business across the globe.
Considering the fact that several Asian countries have already adopted cryptocurrency and are progressing at a significant pace India will not stay behind.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy the website. ]