The Indian supreme court has been trying to hear the petitions against the crypto banking ban by the central bank, the Reserve Bank of India (RBI). On Oct. 25, the court directed the government to file a counter-affidavit within two weeks, detailing its crypto regulatory progress. The court specifically asked for a report from the committee set up by the finance ministry to recommend crypto regulations. This committee is headed by Subhash Chandra Garg, the country’s Economic Affairs Secretary.
On Tuesday, Quartz reported that the government has filed the counter-affidavit with the supreme court, which the publication claims to have reviewed.
“A finance ministry panel set up in November 2017 could be ready with draft regulations next month,” the news outlet wrote. It proceeded to publish the following excerpt from the counter-affidavit:
According to the counter-affidavit, “The next two meetings of the Garg panel, to be held next month and in January 2019, will deliberate the draft report, and the provisions of the draft bill on virtual currencies,” the news outlet conveyed.
The Indian supreme court scheduled to hear all the petitions against the ban on Sept. 11. However, the hearing has repeatedly been postponed. Then, on Oct. 25, the court directed the government to submit the counter-affidavit before the next hearing is scheduled.
Meanwhile, banks have closed accounts of crypto exchanges, forcing them to come up with their own solutions to provide fiat support to their customers such as through peer-to-peer systems.
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