The Supreme Court of India has refused to hear any petition related to those cryptocurrency cases which are pending for a longer time. Instead, it has decided to grant four weeks to the Union of India aka the Government of India to come up with clear cryptocurrency regulation policies.
If the Indian government fails to provide the policies in four weeks, then the Court will release its own judgment. The Indian Government is given a fixed time for a regulatory framework around crypto assets for the first time. The last judgement was on January 17, 2019.
The Internet and Mobile Association of India (IAMAI) is one of the petitioners who has requested to remove RBI ban because it believes that this ban is unconstitutional. It has spotlighted that banking restriction made a few cryptocurrency businesses to face problems.
The Indian government is already working on cryptocurrency regulation policies. The Finance Ministry of India has set up a panel with the aim of drafting the regulation. The Secretary of Economic Affairs Subhash Chandra Garg leads the panel. The main work of the panel is to give recommendations. These recommendations are reportedly being finalized, but conflicting reports still occur, Bitcoin.com reported.
At the end of 2018, the Ministry told the lower house of parliament of India Lok Sabha that “It is difficult to state a specific timeline to come up with clear recommendations” as it “is pursuing the matter with due caution.” Nishith Desai Associates is Asia’s most Innovative Law Firm. In January 2019, the Ministry has requested this law firm to present its regulation proposals in India.
Crypto Kanoon is a platform for Blockchain Regulatory News and Analysis, Blockchain Events and Startup Legal Advisory who has tweeted:
Supreme Court has granted 4 weeks to Indian Government as the final opportunity to bring about a policy (Rules and Regulations) on Crypto currencies!
For details, please watch this video both in Hindi and English.
— Crypto Kanoon (@cryptokanoon) 25 February 2019
The founder and CEO of cryptocurrency startup WazirX Nischal Shetty is already doing campaigns for a pro-cryptocurrency regulation. Cryptocurrency traders, investors, and entrepreneurs along with one of the groups called Blockchain India (BI) have announced the formation of meetups in some places like Mumbai, Delhi, Hyderabad, and Bengaluru. Preparing a report of suggestions on the regulation is the main objective of these meetups. Shetty will participate in a few meetups. He will not only participate but also speak, Inc24 reported.[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 of the website. ]