In a telling move that seeksto endthe uncertaintyover thelawfulnessof cryptocurrencies like Bitcoin [BTC] inIndia,the govt.has been ordered torevealits report on the cryptocurrency sector by the Supreme Court.
The Supreme Court has been inundated with multiple petitions filed by crypto exchanges andindustry teamsthat have challenged a banking blockadeimplementedby the supremefinancial organization[RBI] earlier inApr, aincapacitatingpolicy that hasmostlyshutteredthe domestic crypto sector.
While theCentral Bank of India [RBI] has issued multiple cautions againstthe utilizationof cryptocurrency over the years (from as early as 2013), they aren’tillicitwithin thecountry.
Asreportedantecedently, theRBIhas shunned responsibilityonceaskedto provide a clarity on thepositionof cryptocurrencies.It had beena policy matter forthe govt., RBI argued.
In line with a recent report by ’The Economic Times’, a legal counsel representing9cryptocurrency exchanges demandedthe govt.bring some clarity.
“Wehave theemployees. Therearejobs,” counsel Nakul Dewan forthe sectorargued,within thesame weekwherebythe co-founders of India’s largest exchange, Unocoin wasarrestedforinstalling a cryptocurrency ATMinBangalore.
An advocate for RBI countered by claiming that the authority was ‘onlymaking an attemptto discouragethe utilizationof cryptocurrencies,’demandingit had been‘a policy decision’ forthe govt.Thelegaldiscussionat the Supreme Courtis alsonear to itsfinishing.Afterhearing the argumentsfiled, the Supreme Court’s bench of Justices has demandedthe govt.place its position before the court in2weeks’ time.