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Breaking: Supreme Court Gives Four Weeks to Union of India to Come Up with Cryptocurrency Regulations

February 25, 2019 12:53
Supreme Court
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The cryptocurrency scenario in India has been one roller coaster ride since the time, exchanges and government bodies, landed up in the apex court submitting petitions and counter petitions against each other.

At the last hearing, due to the absence of senior advocates of the parties, the case was  deferred to Feb 26th and was listed as a top priority on that date. A two-judge Bench, led by Justice Rohinton F Nariman will start hearing final arguments from that date. At the time, it was reported, “Now it will come for hearing on 26th Feb on ‘top of the list’ i.e., it will be at serial no. 1 on the Cause List.”

At the time, the representatives from the Reserve Bank of India had strongly made the points before the bench. They said that the Reserve Bank of India had asked banks to stop providing banking services to crypto exchanges as it did not want it to spread like “contagion”.

However, the case has not yet been heard today. A two-judge bench led by Justices, Rohinton F Nariman and Vineet Saran extended the deadline by a month to the Union of India to come up with rules and regulations. Supreme Court advocate, Rohan Dwaipayan Bhowmick told Crypto-News India, “4 weeks time has been provided as a last opportunity to the Union of India in order to file the rules and regulations.”

Interestingly all the petitioners to the case were present and the Union of India asked for a last opportunity to come up with regulations.

On being asked if the regulations would apply to the RBI’s banking diktat, Advocate Bhowmick said, “They (Union of India) will put forward their ideas on the regulations and then the government and the court will evaluate those ideas, following which mutual decisions will be made.”

The rules and regulations, in this case, pertain to the cryptocurrency regulations that are being penned down by the Inter-Disciplinary Committee. As earlier reported by Crypto-News India, some of the government bodies in the Committee include,  Securities and Exchange Board of India, Ministry of Electronics and Information Technology, Central Board of Direct Taxes, Reserve Bank of India and NITI Aayog, among others.

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