Supreme Court Of India To Hear Petitions Next Year
November 26, 2018 2:48 pm
The Supreme Court of India has announced a new date to hear the petitions against the digital currency. As last year the Reserve Bank of India (RBI) banned other banks from working with cryptocurrency related firms. At the same time, the crypto community in the country is campaigning on social media for positive regulations.
In April 2017 RBI issued a ban on banks and financial institutions from providing services to crypto businesses. Following the order, the banks in the country also closed accounts of crypto exchanges by July.
On Thursday, A court document was tweeted on Twitter indicating that the court has scheduled Jan. 15, 2019, as the date for crypto hearings. The court had expected to hear the case on Sept. 11 but postponed it.
According to the reports, the government has filed a written statement with the supreme court. The government hopes that the regulatory framework will be finalized in December.
The report said:
“Representatives from the finance ministry submitted that the RBI circular as well as warnings issued by the finance ministry on December 29, 2017, and by finance minister Arun Jaitley in his budget speech on February 1, 2018, are in line with the first inter-ministerial (interdisciplinary) committee’s recommendations on cryptocurrencies.”
In November, the finance ministry set up an inter-ministerial committee to suggest cryptocurrency regulatory measures. The panel was focusing on the preparation on a draft report and bill on digital currencies. According to the reports, the next meeting will be held in December and in January. Once the meetings take place, the document will be circulated to the members of the inter-ministerial committee (IMC).
Indian Finance Minister Mr. Arun Jaitley was openly asked to regulate cryptocurrencies. Nischal Shetty, CEO of WazirX asked the minister to regulate digital currencies through his tweets on Twitter.
If fear of misuse ruled us then we would never have:
1. Electricity for fear of electrocution
2. Cars for fear of accidents
3. Cash for fear of black money
Yet we still have these because benefits outweigh the problems
Crypto is the same. Regulate & win 🇮🇳
— Nischal (WazirX) ⚡️ (@NischalShetty) November 18, 2018