India Supreme Court directs govt to issue cryptocurrency guidelines

The Supreme Court of India has directed the government of India to come up with a cryptocurrency regulatory policy in the next four weeks. Also, the court has refused to hear the other sides who were demanding the elimination of the RBI circular.

The RBI on April 6, 2018, had issued a circular that had banned all the banks or regulated organizations from dealing with any cryptocurrency entities. Soon, companies dealing with cryptocurrency and trade bodies had filed petitions demanding that the court suppress the RBI circular or give some interim relief to ease the way for cryptocurrency trading and business in India.

In the meantime, ‘Blockchained India’, a group consisting of cryptocurrency traders, entrepreneurs and investors have announced meetups in Delhi, Mumbai, Bengaluru and Hyderabad. The motive of these meetups is to draft a report of suggestions on cryptocurrency policy in India.

After compilation, the report will be submitted to Subhash Chandra, secretary of economic affairs department who is heading the inter-disciplinary committee for filing a draft on cryptocurrency policy.

The case related to cryptocurrency regulations has been pending since July 2017. Now, the Indian cryptocurrency enthusiasts are awaiting the pro- crypto regulations.

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