The Supreme Court of India has given the Union of India, the central government, a four-week ultimatum to define regulations for the cryptocurrency industry according to fresh reports from Inc42.
While today, February 25 was supposed to be the date for a court hearing in the ongoing case between the Reserve Bank of India and cryptocurrency exchanges in the country, the court judges had different objectives.
As per the report, Justice Rohinton Fali Nariman and Justice Vineet Saran handling the case decided against hearing any of the parties and instead issued the four weeks deadline to the central government.
The court ruling adds that the lawmakers would go ahead to declare their judgment if the government failed to define the crypto regulations within the given period. Understandably, this is the first time that the Supreme court is given a deadline for the rules even though as we reported earlier, it had urged the Union of India to do so as soon as possible.
Crypto Regulation Status in India
Unlike some nations where citizens are freely allowed to transact cryptocurrencies, Indian authorities adopted a rigid approach after it turned out that many people were using the innovative payment method and trading it as assets.
Subsequently, the Reserve Bank of India banned local banks to stop doing business with crypto exchanges, a move that was designed to cripple the crypto ecosystem, by restricting users and exchanges from doing business.
The oppressed crypto exchanges then filed for a reversal of the ban citing infringement on their right to carry on any occupation, trade or business” as granted by the Indian constitution.
While hearing the case, the Supreme court order the RBI to come up with clear regulations for the new industry or accept any judgment rendered by the court on the matter. However, no deadline was given until the latest development.
Hopefully, the new court announcement will lead up to quicker resolution of the crypto regulation and finally allow the Indian crypto ecosystem to flourish.
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