the Court will stop hearing crypto-related cases, including the parties who demand to reverse the crypto circular released by the. Less Time, More Work, there is no clarity about how the Indian government perceives decentralized, permission-less blockchains. Indias supreme court wants the Narendra Modi government to clarify its stand on cryptocurrencies within a month. 25) during a hearing in a long-drawn case between the countrys virtual currency exchanges and tradeview forexpeacearmy the government. The Supreme Court of India has reportedly granted four weeks to Indian authorities to come up with cryptocurrency regulation policies, local news outlet, inc42 reports on Feb. The apex courts ultimatum came yesterday (Feb. Every country out there had its share of doubts about. However, for an economy that boasts of being the worlds largest IT hub, India will lose a lot that it would gain by shunning an emerging sector. Meanwhile, an Indian governmental committee has recently released a report raising concerns about the impact of cryptocurrencies on the local fiat currency in the case of crypto being adopted for payments. It is not clear what prompted this change but since crypto-assets present a complex technical issue, it is possible that the bench first wants to hear the governments stand before deciding the constitutionality of the RBI circular, said another lawyer, requesting anonymity.
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While the RBI has been negative to cryptocurrency adoption, the central bank confirmed its plans to consider the creation of its own Indian rupee (INR)-backed central bank digital currency (cbdc) in August 2018, but subsequently paused its plans to release the cbdc in January 2019. It is difficult to state a specific timeline to come up with clear recommendations, Pon Radhakrishnan, the minister of state for finance, had told the Lok Sabha, the lower house of Parliament, on Dec. However, what the court has explicitly directed the government to do will be clear only when the court order is up in a day or two, said Jaideep Reddy, a senior member of the international law firm Nishith Desai Associates. On the other hand, another governmental committees report suggested that cryptocurrencies should be legalized in the country, stressing that there is a general consensus that cryptocurrency cannot be dismissed as completely illegal. RBI to the Supreme Court of India to challenge its ban. Practically, that does not change anything for Indian crypto users, which are already trading bitcoin via peer-to-peer methods. 25 exclusively for the exchanges and the RBI to present their views on the restrictions placed by the latter. Cryptocurrencies, or should we say bitcoin, was a new phenomenon back then.