India’s Supreme Court Sets 4-Week Deadline for Government to Regulate Cryptocurrency
Time is running out for the Indian government and the Reserve Bank of India to ignore/wholesale ban cryptocurrency, according to a local publication called Inc42.
Indians have petitioned the Supreme Court more than once to order a rescinding of the Reserve Bank’s order, to no avail. However, the court is hearing two other petitions demanding the court take action.
Court Gives a Deadline of Four Weeks
The court chose not to hear arguments in either case today. Instead, it issued a final warning to the government and Reserve Bank of India. They must come to some conclusion about crypto regulation soon. They only have four weeks to develop a set of regulations or the Court will rule on the cases in regards to the constitutional rights of cryptonaughts in India.
Indian crypto startup WazirX’s Nischal Shetty told Inc42 that he is happy with the decision. The government has, for the first time, issued a deadline to the government, which must give him and his peers a positive feeling.
Among the petitioners to the Supreme Court is one notable liability, Flinstone Technologies, who are accused of having committed fraud via various scams involving crypto.
India’s Supreme Court has set a deadline for the government and the central bank to outline a cryptocurrency policy. Source: REUTERS/B Mathur/File Photo
The constitutional argument for the business of cryptocurrencies cites a clause which gives Indians the right to “ to practise any profession,