Update: Nischal Shetty, the Chief Executive Officer (CEO) of WazirX told Crypto-News India, “If the Union of India does not submit any documents related to its position on Crypto, then there’s every chance that the Supreme Court will start deliberating on the RBI circular without waiting for further inputs from GOI. As far as the case by IAMAI is concerned, it is against the RBI preventing crypto businesses from operating their bank accounts. So irrespective of whether Union of India submits Crypto related materials or not, the case would proceed ahead.”
In our last editorial piece, we had talked about the cryptocurrency community V/s the Union of India and where it could possibly lead to. There were a few points we had left out, which we will be covering this time around.
In the last piece, we had talked about what started it all. To recapitulate, it all started when the Reserve Bank of India (RBI) imposed a blanket ban on Indian banks and asked them to stop working with all the cryptocurrency exchanges in India.
At the time, the deputy governor of RBI BP Kanungo had said, “Regarding Ring-Fencing regulated entities from virtual currencies, digital tokens issued by private parties are getting international attention for quite some time, for their speculative value. Internationally, the regulatory response to these tokens are not uniform. It is universally failed that it is seriously undermine the airmail and FATF framework, adversely impact market integrity and capital controls.”
While other exchanges have taken the safer option of waiting for the Supreme Court’s verdict, Nischal Shetty, the Chief Executive Officer (CEO) of WazirX, decided to skid into the mud by kicking off a Twitter campaign. The campaign which is nearly 141 days old asks the Indian lawmakers to take steps and regulate cryptocurrencies.
His latest tweet from today said, “This is day 141. We need to tweet to our minister everyday till we get a reply. The more we tweet, more chances of our voice being heard & crypto getting a positive regulation in India. RT, Like, Share as much as you can every day. Only together can we make this happen.”
This is day 141. We need to tweet to our minister everyday till we get a reply. The more we tweet, more chances of our voice being heard & crypto getting a positive regulation in India. RT, Like, Share as much as you can every day. Only together can we make this happen ?? #D141
— Nischal (WazirX) ⚡️ (@NischalShetty) March 22, 2019
While the Supreme Court of India had given a month’s time to the Union of India, we have strong belief that come Monday, we’ll be handed another date for the hearing.
On February 25, 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. At the time, Supreme Court advocate, Rohan Dwaipayan Bhowmick had told Crypto-News India, “Four weeks time has been provided as a last opportunity to the Union of India in order to file the rules and regulations.” However, now Bhowmick tells us that it could likely to be listed on March 29.
Asked about the possibilities unfolding on the hearing date, Advocate Bhowmick told Crypto-News India, “Union of India is yet to come up with their theory. In case we don’t agree to Union of India then we will come up with the objections, Following which the court will come forward with the decision.”
Crypto-News India opinion: While everyone would love a definitive outcome on the D-day, there are chances of another adjournment, given that the elections are right around the corner. As we know, the first phase of the election will be held on April 11 and will continue till May this year. So, the Union of India, may not be ready with the draft on regulations yet. To be honest, we’d be glad to be proven wrong, in this case.
We reached out to some other key players in the community as well. We will update the story if they respond.
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