Union Govt needs to draft cryptocurrency regulations in 4 Weeks: Supreme Court

Cryptocurrencies and blockchain technology (DLT technology) are still in their nascent stage and countries like India is looking forward to introducing regulations in the decentralized sphere. The Supreme Court of India not only refused to hear any party referring to the long-pending cryptocurrency cases in the country, but it has also directed the Union government a time period of four weeks to make policy decisions about the digital currencies and their functions.

The Supreme Court of India addressed the matter related to cryptocurrency on February 25 and urged the government to bring in a regulatory framework for the digital currencies before taking a stance on its own. Once it is being done in the stipulated time period, the apex court will announce the decision on the existence of crypto banking ban by Reserve Bank of India.

The decision to ban cryptocurrency trade was taken by Reserve Bank of India in April 2018. Its decision was challenged by the Internet and Mobile Association of India by calling the ban 'unconstitutional'. Internet and Mobile Association of India is an industry body whose members also include several local crypto exchanges.

The challenge against Reserve Bank of India's decision to ban cryptocurrency exchange in the country was done based on Article 19 (1) (g), which says "all citizens shall have the right to practice any profession or to carry on any occupation, trade or business."

#CryptovsRBI update!Supreme Court has granted 4 weeks to Indian Government as the final opportunity to bring about a policy (Rules and Regulations) on Crypto currencies!For details, please watch this video both in Hindi and English. https://t.co/R8E5wuGPHJ

— Crypto Kanoon (@cryptokanoon) February 25, 2019

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