The Indian Supreme Court has given four weeks to the authorities in India to come up with official crypto regulation policies according to crypto news outlet Inc42 reports today.
If the government doesn’t provide a regulatory framework in the next four weeks, the Supreme Court can release their judgment. The court gave the Union of India one last chance to develop crypto regulation by stating that past the due date the court will stop hearing all of the crypto relates cases including the ones related to the Reserve Bank of India.
The Reserve Bank of India prohibited banks to provide services to individuals or business that want to use cryptocurrencies. The decision was criticized by the High Court of Delhi claiming that the bank’s decision to violates the constitution of the country but also that the supreme court will continue to support the RBI ban despite the hearing of the multiple petitions.
Despite the RBI being negative to mainstream crypto adoption, the central bank confirmed the plans of creating an Indian rupee backed central digital currency back in August 2018 but has since paused the plans for CBDC release.
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Meanwhile, the governmental committee in India has released a report recently that raises concerns about how the cryptocurrencies will impact the local fiat currency if crypto ever achieves mainstream adoption in regards to payments. Also, another governmental committee issued a report suggesting that cryptocurrencies need to be legalized in India because there is a general consensus that this technology cannot be dismissed or considered as completely illegal.
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