Indian Government Receives Deadline For Crypto Regulations
February 26, 2019 12:09 pm
The Indian Government has reportedly received a deadline from the Supreme Court of India to produce cryptocurrency regulations. The Indian Government has four weeks to produce comprehensive cryptocurrency regulations before making its ruling on the pending crypto cases.
The Indian Government Has Four Weeks
On February 25, the Supreme Court addressed the issues regarding cryptocurrencies, and provided the government four weeks to build a clear regulatory framework for the same. Once the given time period is over, the court will make a decision on the ban imposed by the central bank (Reserve Bank of India) on crypto banking.
As tweeted by Crypto Kanoon, a platform for blockchain regulatory news and analysis:
“Supreme Court has granted 4 weeks to Indian Government as the final opportunity to bring about a policy (rules and regulations) on cryptocurrencies.”
Previously the Court addressed the crypto case on January 17, while hearing the petition against the RBI ban in the last week of the current month. The central bank in its circular dated April 6 2018, banned financial institutions under its control from offering services related to crypto businesses.
One of the petitioners, the internet and Mobile Association of India (IAMAI), appealed for the RBI ban to be lifted. The members of IAMAI include a number of local crypto exchanges. The association argued that the ban is unconstitutional, highlighting the damages endured by many crypto exchanges due to the ban.
Regulatory Framework in India
The Indian Government has been striving to build a clear Regulatory Framework for cryptocurrencies. The absence of proper regulations has put many crypto businesses on hold, that are eager to exploit the Indian market.
The country has had a conservative approach to the emerging industry, allowing no freedom for trading platforms to operate in digital assets. We’ll have to wait for four weeks to find out where India stands on regulating cryptocurrencies.