India Supreme Court Seeks Government Opinion on Cryptocurrency in Next Two Weeks

India Supreme Court Seeks Government Opinion on Cryptocurrency in Next Two Weeks

Cryptocurrency News
October 27, 2018 by Sandra Onyeiwu
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The Supreme Court of India has asked the government to clarify its stand on the matter of cryptocurrencies and to share its view on cryptocurrency within two weeks. According to the article, published by The Economic Times, the court has received multiple petitions from cryptocurrency exchanges challenging an April decision by the Reserve Bank of
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The Supreme Court of India has asked the government to clarify its stand on the matter of cryptocurrencies and to share its view on cryptocurrency within two weeks.

According to the article, published by The Economic Times, the court has received multiple petitions from cryptocurrency exchanges challenging an April decision by the Reserve Bank of India (RBI).

The court held a hearing on Thursday on a number of petitions filed by local cryptocurrency exchanges, as well as the Internet & Mobile Association of India (IAMAI), over the Reserve Bank of India’s (RBI) order banning domestic banks from providing services to crypto firms.

Nischal Shetty, founder, and CEO of Indian crypto exchange WazirX tweeted that the court has asked the Indian government to share its opinion on the matter. He included in his tweet that the Indian government will be filing an affidavit related to the findings of the crypto committee set up by them.

“The government must give some finality to the issue. We have got employees. There are jobs,” Nakul Dewan, legal counsel for nine of the cryptocurrency exchanges included in the hearing, was quoted as saying to The Economic Times.

According to the Supreme Court’s update, the next hearing on the matter will be held on Nov.20.

While the government of India pursues the launch of its very own cryptocurrency, the fight between the RBI and cryptocurrency exchanges heated up throughout the year. In September, the central bank claimed that the Courts couldn’t recognize cryptocurrency as a currency due to existing laws.

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