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Indian Supreme Court Likely to Set Up Crypto Regulation

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Blockchain Guru
Indian Supreme Court Likely to Set Up Crypto Regulation

The Supreme Court of India had given the government the deadline of March 29 for coming up with a satisfactory crypto regulation. As the deadline is approaching fast, the Court is likely to give hear the case and provide a decision in the coming days.

 

As of now, there is a ban by the Central bank on banking transactions involving cryptocurrencies in India. The crypto community is hoping for a positive crypto regulation along with the end of the ongoing ban on cryptocurrency investments in the country.

 

At its last hearing in the case on February 25, the court had given the government a deadline of four weeks to come up with a definite cryptocurrency regulation framework. That deadline is going to end next week. The writ petition against the Central Bank’s ban on crypto banking was filed by the Internet and Mobile Association of India (IAMAI).

Jaideep Reddy, who is representing the petitioner in this case, said that the next hearing date for the case is set on March 29, but it may be changed for a later date. The court will, for now, hear the matter of cryptocurrency regulation from the government. The matter of crypto banking ban may even not be discussed on the first day.

 

In any case, the government is likely to present the first draft of the regulatory framework for crypto trading in India, which is being prepared by a committee under the supervision of the Finance Ministry Secretary Subhash Chandra Garg. As per the latest update, the committee has ‘almost’ finished their report.

 

If and when cryptocurrencies are regulated in India, it will be in favor of a large number of people who are either involved in crypto trading or want to do the same. Cryptocurrency investment and trading is a lucrative and profitable industry which has emerged as a preferred trading mechanism around the globe in the past years. It can help lift the economy of the country as well as the financial status of citizens.

 

It will be very interesting to see how crypto regulation will impact existing and upcoming projects like The Bitica (BDCC) in the blockchain industry in India. The industry is presently suffering from low interest and demand among potential investors and users, owing to regulatory issues.

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