India’s highest court, the Supreme Court of India had directed the Indian government on 25th February to come up with a clear regulation regarding the cryptocurrency. The court gave a period of four weeks to the government, and the deadline is going to end the next week. The Internet and Mobile Association of India (IAMAI) had filed a writ petition in Supreme Court against the RBI decision to bar financial institutions from dealing in crypto, and the case is presented in the court by Jaideep Reddy. On Saturday, Reddy informed that the case is listed for hearing on March 29 according to the advance list published by the Supreme Court. When the case is presented for hearing on March 29, the court will first hear about cryptocurrency framework proposed by the government, and then the issue of the crypto ban will be addressed. Just so you know, the cryptocurrency regulatory framework in India is being drafted by the inter-ministerial panel headed by Subhash Chandra Garg who is the secretary of Department of Economic Affairs in Ministry of Finance. During the last hearing of the case, the Government of India told the Supreme Court that the deliberations on finalizing the cryptocurrency regulatory Framework were in the final phase.
Speculations about Government Stand
The market of speculations regarding what could be the possible government viewpoint about the crypto in India is quite vibrant. While some of the media agencies and channels claimed that the Indian government would go ahead with a ban on cryptocurrency, others put out a different story claiming that government is going to regularize the crypto dealings albeit with strong riders. In April last year, India’s central bank, the Reserve Bank of India prohibits the banks and financial institutions from providing services to the businesses which are dealing with cryptocurrencies. In response to this order, a few players from the industry filed a writ petition in the Supreme Court against the ban, and the matter was listed to be heard on September 11 last year. Since then, the court has repeatedly postponed the hearing.
Despite the ongoing ban on the crypto dealings in the country, there is a huge amount of interest and enthusiasm in the blockchain technology in India. Many efforts are ongoing in order to promote blockchain across the business disciplines, and worth mentioning is the roadshow that is being organized in four different cities of India inviting the businesses to express their views about why adoption of blockchain is important for the country. On March 16, the meeting under the roadshow initiative was organized in Hyderabad, and the next meeting is scheduled for March 30 in Bengaluru. The best suggestions coming out of these meetings will be forwarded to the government to help create a positive environment for crypto adoption in the country. The country is also witnessing a social media campaign with the name of “India wants Crypto” which is witnessing surging popularity among the masses.