The Supreme Court of India has ordered the Indian government to submit cryptocurrency regulations in the next four weeks before finalizing its ruling on cryptocurrency related cases.
GOI Has To Submit Regulation Before The Deadline
The supreme court of India addressed the matter regarding cryptocurrency on Feb. 25,2019. The court gave the government four weeks to come up with a clear regulatory framework for cryptocurrencies. After which, the court has to make a decision on the ban over crypto banking by the Reserve Bank of India (RBI).
It was on January 17th 2019 that the Supreme Court addressed cryptocurrency petitions regarding the Central Banks ban on all. The central bank banned financial institutions under its control from providing services to cryptocurrency businesses in it’s circular published on April 2018.
Various petitioners have requested for the RBI’s ban to be lifted.
The Internet and Mobile Association of India (IAMAI) argued that the ban is improper and pointed to the business suffering as a result of the regulation.
zebpay, India’s largest cryptocurrency exchange had to close it’s Indian exchange due to the banking problems and lack of support from the government.
Cryptocurrency Regulation In India
The Finance Ministry appointed a panel headed by Subhash Chandra Garg, Secretary of Economic Affairs for drafting the regulation.The recommendations of this panel are being finalized.
The finance ministry had reported in the Lok Sabha (lower house of Parliament)
“it is difficult to state a specific timeline to come up with clear recommendations is pursuing the matter with due caution.”