A span of 4 weeks given by the Supreme Court of India to bring in Cryptocurrency Policy

The Union of India has been directed to come up with a cryptocurrency regulatory policy in the next four weeks by the Supreme Court of India. In fact, the Court has refused to hear any party pertaining to the long-pending cryptocurrency cases in the country.   

It has also been mentioned by the two judges, Justice Rohinton Fali Nariman and Justice Vineet Saran that in case the Government fails to do so the court will come with their judgement.

It was Jan 17 when the supreme court had addressed the crypto case last time and had heard the petitions against the RBI Ban. Also, in a circular last year the central bank banned Financial Institutions under its control from providing services to crypto businesses.

The IAMAI being an industry body whose members include several local crypto exchanges were one of the petitioners who requested for the RBI ban to be lifted. The ban was stated unconstitutional by the association. Many crypto businesses have suffered due to this banking restriction and this was pointed out before the court. An example of such losses is the shutting down of Indian Crypto exchange operations in Zebpay due to the baking problem.

The regulatory framework for cryptocurrencies is being worked on by the Government of India. Subhash Chandra Garg, Secretary of Economic Affairs headed a panel set by the Finance Ministry to draft the regulation. However, the recommendations have yet not been finalized by the panel, reputed law firm Nishith Desai Associates were invited by the Ministry of Finance to present proposals for country’s crypto regulations.