The Supreme Court of India has reportedly granted four weeks to Indian authorities to come up with policies, local outlet reports on Feb. 25.
If the does not provide a crypto regulatory framework in four weeks, the Supreme Court is set to release their own judgement, the article states.
At the hearing on Feb. 25, the has given one last opportunity to the Union of India to develop , stressing that afterwards, the Court will stop hearing crypto-related cases, including the parties who demand to reverse the crypto circular released by the (RBI).
in early April 2018, the RBI’s crypto circular prohibits banks from providing services to any person or business that deal with . The circular was subsequently critically assessed by the High Court of Delhi, which that the RBI’s decision to end dealings with crypto businesses violates the constitution, while the supreme court apparently continued to the RBI ban even after a number of petitions.
While the RBI has been negative to , the central bank its plans to consider the creation of its own Indian rupee (INR)-backed central bank digital currency (CBDC) in August 2018, but subsequently its plans to release the CBDC in January 2019.
Meanwhile, an Indian governmental committee has recently a report raising concerns about the impact of on the local fiat currency in the case of crypto being adopted for payments. On the other hand, another governmental committee’s report that should be legalized in the country, stressing that there is a general consensus that cannot be dismissed as completely illegal.
Published at Tue, 26 Feb 2019 06:18:12 +0000
