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SC V/s Cryptocurrencies: Panel Working on New Economic Reforms to Include Cryptocurrencies Says Government

November 20, 2018 12:47
Supreme Court
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Update: After this article went live, Dwaipayan Bhowmick, one of the petitioners in the cryptocurrency matter, and a Supreme Court lawyer told Crypto-News India that the matter has been adjourned to Tuesday (November 27).

It’s not news that the cryptocurrency community has been waiting (what feels like forever) for the Supreme Court to pass a ruling on whether cryptocurrencies can be traded legally or not.

To bring our readers up to speed on what happened: The Supreme Court, after listening to one of the cryptocurrency matter for sometime had asked the Union of India to file a counter affidavit in response to Advocate Dwaipayan Bhowmick’s petition to either regulate or ban bitcoin within a space of two weeks from October 25.

On Monday, Crypto Kanoon said, “Govt. didn’t file the Affidavit stating (1)Stage of Inter-disciplinary committee’s research; (2) Estimated time for coming out with policy decision on Crypto. Supreme Court had ordered 2 weeks for filing Affidavit. Yet another blow in this bearish market!”

Conversely, according to news portal Quartz, there was in fact a counter affidavit filed by the government on Monday. It said, that the finance ministry does have a panel headed by Subhash Chadra Garg, is drafting the rules for economic reforms which will include cryptocurrencies. A portion of the counter-affidavit says, “Currently, serious efforts are going on for preparation of the draft report and the draft bill on virtual currencies, use of distributed ledger technology in (the) financial system and framework for digital currency in India. The draft report and bill will be circulated to members of IMC (inter-ministerial committee). Thereafter the next meeting of IMC will be held so that discussion can take place on the draft report and bill. It is expected that the draft report will be placed before the IMC by next month.”

We reached out to both Kashif Raza, one of the founders of Crypto Kanoon and Advocate Dwaipayan Bhowmick and both stated that the matter may not be heard today (November 20).

At this point, there is nothing much to do except wait for the Finance Ministry-headed panel to put out the report.

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