Apex Court of India Gives 4-Week Time Limit to Government on Cryptocurrency Regulation

Apex court of India has given four weeks deadline to the government on cryptocurrency regulations.  So many times hearings continued on this case and the Supreme Court decided not to hear any petitions on crypto-related cases after 4-week deadline. 

The supreme court of India addressed to the government frame clear regulations on cryptocurrency.  After 4-week deadline time, the central court will give a judgment on the crypto-related ban by the central bank, Reserve Bank of India (RBI).  According to local news Inc42 reported on Feb. 25.

RBI Ban on Banks for Cryptocurrency Services

Last year April 6, the central bank imposed a ban on banks for providing financial services to crypto-related businesses. Previous month Jan. 17 the Supreme Court heard hearings on this case. Central Bank RBI is more careful on cryptocurrency and it wants more time for regulations.  Now, the government has only four weeks time in its hand.

The Internet and Mobile Association of India (IAMAI), a petitioner, in this case, urged for the central bank to remove the ban.  The petitioner IAMAI has so many of local crypto-related exchanges.  This association made the argument that the ban was unlawful.  It also remarked to the central court that some cryptocurrency businesses suffered from this ban.  For an instance, Zebpay stopped its operations in India.

Inc42 stated in the article that:

“The Court has given one more and last opportunity to the Union of India to bring in a cryptocurrency policy in place. And, therefore, the Court refused to hear the other side’s who were demanding the removal of the RBI circular.”

Regulations on Crypto in India

The Indian government was already working on the crypto regulations for cryptocurrencies.  The ministry of finance set up a committee directed by Subhash Chandra Garg, Secretary of Economic Affairs, to outline the regulations.

The panel, which is set up on crypto regulations, looks over the regulations are framing in the different countries.  The committee may prepare a draft in the coming weeks.

Do you think the 4-week time is enough for the government to frame crypto regulations?  Comment your views in the comment section.