Indian Govt to Decide Cryptocurrencies Within Two Weeks
October 27, 2018 12:46 pm
The Supreme Court of India has asked the country’s government to share their opinion about cryptocurrencies in two weeks. The court held a hearing on a number of petitions filed by local digital currency exchanges. The Internet & Mobile Association of India (IAMAI) has also filed a petition over the Reserve Bank of India’s (RBI) ban on cryptocurrencies in the country.
The Economic Times reported that the court has requested the government to share its view on digital currencies within two weeks. The Indian government had announced that cryptocurrencies are illegal. Arun Jaitley, the Finance Minister, called Bitcoin as a Ponzi scheme.
Nischal Shetty, founder, and CEO of Indian crypto exchange WazirX tweeted that the court has asked the Indian government to share its opinion on the matter. He included in his tweet that the Indian government will be filing an affidavit related to the findings of the crypto committee set up by them.
Finally! The crypto matter came up for hearing in court today & Supreme court has asked Govt. to file an affidavit related to the findings of the crypto committee set up by them. They're supposed to submit this within 2 weeks. Things are getting interesting! #isupportcrypto
— Nischal (WazirX) ⚡️ (@NischalShetty) October 25, 2018
Nakul Dewan, legal counsel for nine of the cryptocurrency exchanges also shared his thoughts about the Supreme Court’s order. Mr. Dewan said that the government must provide some finality to the issue.
According to the Supreme Court’s update, the next hearing on the matter will be held on Nov.20.
The Reserve Bank of India’s (RBI) ban on cryptocurrencies has caused major issues in the country. Recent reports claimed that the Indian Government is interested in launching government-backed cryptocurrency.
The Internet and Mobile Association of India (IAMAI) has recently announced that it is planning to form a new blockchain committee. The association will aim to develop the new technology’s ecosystem in the country. The team representatives will be from large and influential organizations across the world.