Regulations

Supreme court of India to come up with crypto regulations within four weeks

Concrete crypto regulations within four weeks in India

A deadline has been set for official cryptocurrency regulations in India according to the country’s Supreme Court. This has given the Union of India and the Government a four weeks ultimatum to define regulations for the use of crypto assets in the country.

Today, the 25th of February, there was a scheduled court hearing given the ongoing case between the Reserve Bank of India and cryptocurrency exchanges in India. The hearing had different objectives for everyone according to the court’s judges.

The case which was handled by Justice Vineet Saran, Justice Rohinton and Fail Nairman got prolonged by the court and instead the court issued a four-week deadline for the government to come up with solid regulations.

This is the first time the supreme court of India has given a deadline for the ruling of crypto assets and urging the Union of India to do so within the weeks ahead.

Cryptocurrency regulation status in India

The Indian supreme court took the decision after they found out that many individuals are using cryptocurrencies as a payment method and trading them as assets within the country.

The Reserve Bank of India had earlier put a total banned on local banks dealing with crypto exchanges operational in the country. Many, however, saw this as a move to cripple the crypto ecosystem through restricting users and exchanges from doing business with cryptocurrencies.

The affected crypto exchanges in the country later filed for a reversal of the ban stating that this was an infringement on their rights to carry out any kind of trading, occupation or business in the country.

Many business are waiting on these crypto regulations to be final in order to start their crypto business and allow India to start flourishing in this new crypto ecosystem.

What are your thoughts on this deadline for the Indian government to come up with crypto regulations within four weeks?

Please feel free to leave a comment down below.

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coinmag

My occupation is the Research of blockchains and their practical applications in the economy. I have graduated through various levels of education, including electrical technique, Business, Psychology, and innovative technologies.

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