Indian Government to devise crypto regulation before 29th March

The Supreme Court of India told the government to come up with a cryptocurrency regulating bill within the next month. As the time nears its end, the court has already scheduled 29th of March for the tribunal.

The Supreme Court’s “Advance List,” states that the government was given the ultimatum on 25th February and has scheduled a trial on 29th March.

Previously the country’s central bank has imposed a ban on virtual currencies. Last year, the central bank forbid banks from entertaining services from any crypto related businesses such as exchanges, etc. It raised an uproar in the country as many industrial players, as well as crypto enthusiasts, filed complaints and petitions against the ban.

It remains to be seen whether that would be discussed or the hearing would be restricted to the regulatory framework developed by the government.

An inter-ministerial committee is developing the framework which is led by the Secretary of the Department of Economic Affairs.

Some sources claim that the framework suggests an immediate ban on cryptocurrencies while others claim that the panel suggests crypto legalization with “strong riders.”

At the moment, the crypto community in the country is working to put a pro-crypto regulation in practice.

The country’s crypto community is very busy as Blockchain in India is making rounds to four cities where they could comment on whether the country needs cryptocurrencies or not. Their next stop is Bengaluru on 30th of this month. The orchestrator of these events claims that the top suggestions will be passed on to the decision makers of the country.

Furthermore, the country’s social media based crypto campaign nears its 150th day and continues to grow in popularity.