It’s a well-known phenomenon in India that you can’t fight against the government easily. That phenomenon is turning out to be true in the case of cryptocurrencies. At first, the case didn’t even come up for hearing at Supreme Court. It was adjourned again and again for many days. When it finally came up for hearing on 25th of October the Apex Court ordered the Union of India to file a counter affidavit within two weeks.
In the affidavit government had to tell clearly by when it will enact regulations for cryptocurrencies. The government, first of all, didn’t file the affidavit within that deadline of two weeks. Now when it has finally filed the affidavit, it’s turning out that there’re no details in it about the time within which regulation for cryptocurrencies will be enacted.
Ministry of Finance (MoF) has finally submitted the Counter-Affidavit in the Supreme Court (SC).
MoF has apprised SC only about details of internal meetings but not the “..estimated time within which the Government will
ultimately come out with its policy decision..”. https://t.co/caNBDOg4Un
— Crypto Kanoon (@cryptokanoon) December 3, 2018
The first thing to note about the filing of this affidavit is time. The government has filed it only after the hearing of case got adjourned to 15th of January 2019. The second thing lies within the affidavit itself – in the affidavit government has talked at lengths about the minutes of meetings in which crypto regulation was discussed, but it has not stated anything about the “expected time” within which it will come out with the regulation.
The welcome development, in the meantime, is that India has pledged along with other G20 nations to regulate cryptocurrencies in near future. When that day will come, however, is not known yet. The crypto space of India is still in its nascent phase, so there’s not much that can be done to lobby the government and speed up the development of regulations. The only thing that we can do is waiting.