In a telling move that seeks to end the uncertainty over the lawfulness of cryptocurrencies like Bitcoin [BTC] in India, the govt. has been ordered to reveal its report on the cryptocurrency sector by the Supreme Court.
The Supreme Court has been inundated with multiple petitions filed by crypto exchanges and industry teams that have challenged a banking blockade implemented by the supreme financial organization [RBI] earlier in Apr, a incapacitating policy that has mostly shuttered the domestic crypto sector.
While the Central Bank of India [RBI] has issued multiple cautions against the utilization of cryptocurrency over the years (from as early as 2013), they aren’t illicit within the country.
As reported antecedently, the RBI has shunned responsibility once asked to provide a clarity on the position of cryptocurrencies. It had been a policy matter for the govt., RBI argued.
In line with a recent report by ’The Economic Times’, a legal counsel representing 9cryptocurrency exchanges demanded the govt. bring some clarity.
“We have the employees. There are jobs,” counsel Nakul Dewan for the sector argued, within the same week whereby the co-founders of India’s largest exchange, Unocoin was arrested for installing a cryptocurrency ATM in Bangalore.
An advocate for RBI countered by claiming that the authority was ‘only making an attempt to discourage the utilization of cryptocurrencies,’ demanding it had been ‘a policy decision’ for the govt.The legal discussion at the Supreme Court is also near to its finishing. After hearing the arguments filed, the Supreme Court’s bench of Justices has demanded the govt. place its position before the court in 2 weeks’ time.