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Bitcoin+and+Cryptocurrency+Has+to+Be+Regulated+in+India+Within+Four+Weeks%3B+Orders+the+Supreme+Court+of+India

Bitcoin and Cryptocurrency Has to Be Regulated in India Within Four Weeks; Orders the Supreme Court of India

 

The Indian Apex court has finally put its foot down on the delay of the cryptocurrency regulation development by the Government. The Supreme Court of India has given an ‘opportunity’ to the Union Government to come up with a cryptocurrency regulation in an under four weeks; failing which the Supreme Court will decide on the PIL filed by the cryptocurrency traders against the RBI ban on banking transactions of cryptocurrency.

The supreme court made slight changes to its weekly procedures to accommodate the cryptocurrency case (case no. 53) on Monday. A two-judge bench judges the case under Justice Rohinton F Nariman and Justice Vineet Saran.

Hence, the Supreme Court of India has assigned four weeks to the Modi led the Government to come up a regulation. Moreover, if the Government fails to pass a new law relating to Bitcoin or cryptocurrency, the apex court will decide on the matter.

The matter which was pending since its last hearing on 17th Jan 2019 was initially designated to be heard on Tuesday or Wednesday of this week as a regular case. Nevertheless, the Supreme Court of India heard the case for a brief while on Monday morning and passed the ruling.

Background of the Case Till Now

The Council of the internet and the Mobile Association of India has initially filled the case against the country’s Central Bank. The association that claimed that the RBI ban is utterly unconstitutional as Bitcoin and cryptocurrency inherently does not imply anything unethical. Moreover, some developed countries around the world have without hindrance allowed FIAT to Cryptocurrency conversions. 

The Supreme Court has delayed the decision on the cryptocurrency case to avoid a conflict of interest with the Government. The judges hearing the matter noted that the Government needs to take the first stance and pass a bill on which the Supreme Court will decide further.

The Indian Blockchain Summit also came to a conclusion on 24th February held at the IIM Lucknow, Noida Campus. The cabinet of various ministries including telecom, science, and technology were key speakers at the event. The event was honored with high-level executives from top internet-based firms including Google, Microsoft, Deloitte, and Flipkart. The Indian Government delegates and the executive of the firms reasserted the implementation of blockchain in India to promote financial efficiency. However, their stance on RBI’s ban on Bitcoin and VC transaction was still unclear.