India’s Supreme Court has announced a new date for hearing the nation’s case known merely as the “crypto case.” It’s expected to be critical in building the country’s legal framework for the crypto verse. In the most recent hearing, the government was supposed to produce some crypto regulations, but the session was adjourned after a few minutes.
The Crypto Case: What’s New
On last Friday, the Indian Supreme Court’s agenda included an audience in which it would listen to the government’s side concerning cryptocurrency regulations. The same session was also supposed to deal with requests against banking restrictions by the nation’s central bank, the Reserve Bank of India. But the course was adjourned after only a few minutes in which not a lot of progress was achieved.
Jaideep Reddy was there, and he talked to the press last Tuesday. His client is the Internet and Mobile Association of India (IAMAI) on behalf of Nishith Desai Associates. They stand with a petition against the RBI ban.
A new date is confirmed
“The matter started with a counsel for the respondents asking for a passover of the matter (i.e., for the matter to be heard at the end of the list for the day). However, the Bench stated that the matter should be heard and that a passover would not be entertained,” Reddy said. “The respondents are both the government and the RBI, among others,” he clarified. Regarding the banking restriction, he detailed:
The Senior Advocate for IAMAI, Gopal Subramanium, explained to the bench the relevance of this matter. He asked for it to be heard at length, as the case merits. The respondents’ attorney asked for the case to be heard on a non-miscellaneous day. The Bench agreed to the request, so it ordered the case to be heard on July 23. That is once the court’s summer holiday ends.
Mr. Reddy further said that “Mondays and Fridays are ‘miscellaneous’ days of the supreme court and the present matter is considered to be of a ‘non-miscellaneous’ nature.” A court order released recently from Friday’s hearings reaffirmed the new date. “Upon hearing the counsel, the court made the following order … List the matter on 23rd July 2019,” the order reads.
Crypto remains unregulated, but the RBI ban still holds
The Supreme Court ordered the government to come up with a regulation system for cryptocurrencies within four weeks. That was last February, so the government has had twice as much time already. But the subject didn’t come up at all, according to Mr. Reddy “The hearing only lasted for a few minutes, and this [crypto regulation] did not come up, given that the case was adjourned.”
The Indian regulations are being drafted by a multidisciplinary committee led by Subhash Shandra Garg, the Secretary of the Department of Economic Affairs at the Ministry of Finance. The government’s representatives before the Supreme Court informed the Bench that the committee in question was already in the final stages of deliberations.
India’s regulatory framework for cryptocurrencies is being drafted by an interministerial committee headed by Subhash Chandra Garg, Secretary of the Department of Economic Affairs, Ministry of Finance. The government’s counsel previously told the supreme court that this committee was in its final stages of deliberations.
In the meantime, the banking restriction effective since last July has taken the Indian cryptocurrency industry into limbo.
Zebpay, which used to be one of the country’s most significant crypto exchanges, had to shut down all exchange operations in India last September because of the banking problem. Unocoin, which was also a significant player, implemented a cash kiosk on October so its users could deposit and withdraw INR. But law enforcement wasn’t able to tell the difference between the machine and an ATM that disobey the RBI ban. So it arrested two of the company’s founders.
Only last Sunday, Coindelta, Indian crypto exchange that’s barely eighteen months old, had to terminate service because of the harm done to its business after half a year’s worth of the banking restriction.
Image courtesy of Pixabay.
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