India’s Supreme Court, the country’s apex court, has directed the central government to present its official stance on cryptocurrency within two weeks.
In a telling move that seeks to end the ambiguity over the legality of cryptocurrencies like bitcoin in India, the government has been ordered to release its report on the cryptocurrency sector by the Supreme Court.
The Supreme Court has been inundated with multiple petitions filed by cryptocurrency exchanges and industry groups that have challenged a banking blockade enforced by the central bank in April, a crippling policy that has largely shuttered the domestic crypto sector.
While the Reserve Bank of India (RBI) has issued multiple cautions against the use of cryptocurrency over the years (from as early as 2013), they aren’t illegal in the country.
As reported previously, the Reserve Bank of India has shunned responsibility when asked to provide clarity on the legal status of cryptocurrencies. It was a policy matter for the government, the central bank argued.
According to an Economic Times report on Friday, a legal counsel representing nine cryptocurrency exchanges demanded the government bring some clarity.
“We have got employees. There are jobs,” counsel Nakul Dewan for the sector argued, in the same week wherein the co-founders of India’s largest exchange, Unocoin were arrested for installing a cryptocurrency ATM in the city of Bangalore.
An propose for the relevant financial institution countered through claiming that the authority was ‘simplest trying todiscourage the use of cryptocurrencies,’ insisting it was ‘a policy decision’ for the authorities.
The legality debate on the best court docket may be nearing its cease. After listening to the arguments offered, the bestcourtroom’s bench of Justices has demanded the government area its position before the court in two weeks’ time.
Crypto Matter heard today in Court no. 8 as item no. 19.
Counsel for Union of India apprised that Committee is going to come up with a report on Crypto.
Court has directed the Govt. to file Counter Affidavit within 2 weeks.
Matter to be listed after 2 weeks now. #RBI
— Crypto Kanoon (@cryptokanoon) 25 Ekim 2018
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