Cryptocurrency

Supreme Court of India Extends Crypto vs RBI Hearing to July


Mar 31, 2019 at 15:42 // News

The Supreme Court of India, the country’s top judiciary body, has extended the cryptocurrency case hearing after receiving an official request from the government’s counsel. It was expected that the court could hear about the India’s crypto regulation on March 29 before continuing to address the banking ban by the country’s central bank. The case has now been deferred up to July.


The court had earlier
given the government one month to produce a report on the regulatory framework for digital currency on February 25 during the last case hearing. However, a popular Indian platform for blockchain tech and cryptoasset regulatory news and analysis, Crypto Kanoon, posted a release via Twitter noting that:

 


#IndiaWantCrypto 


Currently, the interministerial committee lead by the Secretary of the Dept. of Economic Affairs, under India’s Ministry of Finance Subhash Chandra Garg is working on the country’s crypto regulation. The government informed the supreme court during the previous hearing that the committee had reached in its final steps of discussions. The real date of the next hearing will soon be revealed in a court order – yet to be produced.

 


The cryptocurrency community in the country continues to fight the Reserve Bank of India (RBI’s) ban on legal grounds using the Supreme Court. They are demanding a clear and more evident framework, hence no single Zebpays will leave India, and no more Harish BVs will be confined for setting up a mild bitcoin kiosk. Unfortunately, the legal proceedings are also experiencing numerous delays, hence shelving justice to prevail.   

Delayed Justice   


Actually, this was the fifth time the top judiciary body postponed the crypto vs RBI hearing. Once again, the government counsel arrived in the court empty handed – without a draft ready. It is not automatic that by July when the next hearing will take place, would register significant movements towards a sound cryptocurrency regulation.   


The government has continued to show weakness and gaps in the way it does its things, the crypto community is wondering how a full committee can fail to produce a single draft within a long period of time. Some have even started thing that this is a deliberate action by the Indian government to completely ban the use of crypto in the country.   


The government of India
banned crypto because it thought that very soon traditional currency Rupee will lose value. However, the country is planning to
create its own crypto for its citizens to use.   


The Indian cryptocurrency industry will continue to suffer due to the inept bureaucracy and governance voids. To note, the July hearing coincides with the peak time of the election in the country. Let’s wait and see what will happen next.





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