India’s Potential Crypto Regulatory Framework to Be Presented at the Supreme Court Shortly
India’s perspective on cryptocurrencies has been quite cold, especially on the central bank, the Reserve Bank of India’s (RBI) end. Bitcoin Exchange Guide (BEG) reported on multiple instances how they have been consistently shutting down the idea, to which native traders were getting frustrated. Whether this will change or not rests in the soon-approaching court hearing.
As per the claims made by Bitcoin.com, the Indian government was ordered to propose some crypto regulatory framework in a matter of four weeks from February 25, 2019. The four weeks ends next week, so we will be hearing about yet another country’s handling of crypto.
One of the parties to oppose India’s crypto ban is the Internet and Mobile Association (IAMAI). Lawyer and Representative, Jaideep Reddy got in touch with News.Bitcoin.com to further explain how hearings work in India.
According to Reddy, the court uses a system called “Advance List” and as found on that publishing, the Indian government’s crypto case has been scheduled for March 29. However, the finalized list (including the date) is said to be issued earlier next week.
While RBI has been known for banning cryptocurrencies, their perspective will not be immediately discussed, as the hearing supposedly focuses solely on a possible regulatory framework that can be implemented to protect the country’s people.
Specs Of The Regulatory Framework
Bitcoin.com has managed to get hold of information relating to how the framework will be addressed. More specifically, the Secretary of the Ministry of Finance’s Economic Affairs Department, Subhash Chandra Garg has been tasked as the head of the overall drafting process. As for the turn of events, many are anticipating a ban, while others are sharing contradicting statements.
RBI’s Disdain Towards Crypto To Soon Be Fought!
The RBI prevented banks from providing their services to crypto exchanges and businesses since July 2018. This led many firms to sign what’s called a “writ petition” – a formal written order issued by a Court. Originally, the hearing was scheduled in September 2018, but like most cases that entail either a final say or some proposal, it was pushed back.
Reddy hopes that the hearing will in favor of crypto altogether, as he views the ban as a hindrance to a whole new industry that has already been taken by storm.