Supreme Court has granted 4 weeks to Indian government as the final opportunity to bring about a policy (rules and regulations) on cryptocurrencies.
The last time the supreme court addressed the crypto case was on Jan. 17 when it decided to hear the petitions against the RBI ban in the last week of this month. In its circular dated April 6 last year, the central bank banned financial institutions under its control from providing services to crypto businesses.
One of the petitioners, the Internet and Mobile Association of India (IAMAI), requested for the RBI ban to be lifted. The IAMAI is an industry body whose members include a number of local crypto exchanges. The association argued that the ban is unconstitutional. It also pointed out to the court that some crypto businesses have suffered because of this banking restriction. Zebpay, for example, shut down its Indian crypto exchange operations due to the banking problem.
The government of India has been working on the regulatory framework for cryptocurrencies. The finance ministry set up a panel, headed by Subhash Chandra Garg, Secretary of Economic Affairs, to draft the regulation.
The recommendations by this panel are reportedly being finalized. However, there have been conflicting reports about what they entail. In January, the Ministry of Finance invited reputed law firm Nishith Desai Associates to present its proposals for the country’s crypto regulation. Furthermore, the ministry told Lok Sabha, India’s lower house of parliament, at the end of last year that “It is difficult to state a specific timeline to come up with clear recommendations” as it “is pursuing the matter with due caution.”
What do you think of the Indian supreme court giving the government four weeks to come up with crypto regulation? Let us know in the comments section below.
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