Crypto Regulations Have Four Weeks to Be Published by Authorities, Orders the Supreme Court of India
India is presently working to establish cryptocurrency laws in their country to ensure that the public has a clear understanding of how the industry and its technology will function within their borders. In an effort to move along this progress, Indian authorities are now being ordered to come up with their regulations within the next four weeks, according to the Supreme Court of India.
However, if the government does not end up meeting the timeline, the Supreme Court will have the authority to make their own judgment.
This new timeline is actually the last of many opportunities for the Union of India to create crypto regulations, based on a hearing on February 25th. After that time, there will be no more crypto-related cases heard, even for petitioners that want to reverse the Reserve Bank of India’s crypto circular.
The crypto circular was released in April last year, and it stopped banks from making their services available to any person or business with ties to cryptocurrency. The High Court of Delhi ended up assessing the circular, saying that the bank’s refusal was in direct conflict with the constitution. However, the supreme court has continued to support RBI’s ban, in spite of numerous petitions to do otherwise.
RBI has been a major roadblock in establishing cryptocurrency adoption in India, but it recently announced the intention to create a stablecoin that is directly backed by the Indian rupee. However, it is considered a central bank digital currency (CBDC), which is a lot like a bank coin. This announcement was made in August 2018, and the original January 2019 release date has since been delayed.
While these changes are ongoing, a government-based committee recently published a report that has made some locals concerned about the use of cryptocurrencies for payment. The report suggested that cryptocurrency could be made the preferred method of payment, though the report also said that crypto should be legalized for such a case. It added,
“India needs to act fast & work with key stakeholders to provide regulatory certainty around Blockchain & Cryptocurrencies.”