Indian Supreme Court set to hear Crypto case on March 29
The four-week window that the Indian supreme court has given the government to come up with crypto regulation is coming to an end. According to the court’s Advance List, the crypto case is listed for March 29. Meanwhile, the community is ramping up efforts to bring about positive crypto regulation and the end of the banking ban imposed by the central bank.
The deadline given to the Indian government by the country’s supreme court to come up with a regulatory framework for cryptocurrency is drawing near. On Feb. 25, the court gave the government four weeks to produce crypto regulation. That period is up next week. Nishith Desai Associates lawyer Jaideep Reddy represents the Internet and Mobile Association of India (IAMAI) in its writ petition against the crypto banking ban by the central bank.
“The supreme court publishes something called the ‘Advance List’ and according to that, the case is listed on March 29. The final list which will have the confirmed date should be out early next week.”
While the court’s Advance List currently lists March 29 as the next hearing date for the crypto case, it is still subject to change. Furthermore, the court will first hear about the regulatory framework for cryptocurrency from the government and may not address the crypto banking ban by the central bank, the Reserve Bank of India (RBI), on the same day.
The regulatory framework for cryptocurrency in India is being drafted by an interministerial committee headed by Subhash Chandra Garg, Secretary of the Ministry of Finance’s Department of Economic Affairs. During the last supreme court hearing, the government told the court that this committee was in its “final stages of deliberations”.
There have been a few reports speculating on what the recommendations by the Garg committee entail. CNBC TV18 claims that their sources said the panel has suggested a ban on cryptocurrencies. However, another report states that the panel has suggested cryptocurrency “needs to be legalized with strong riders”.
The RBI issued a circular which prohibits banks from providing services to crypto businesses including exchanges back in April last year. The ban went into effect in July. A few industry participants and stakeholders responded by filing writ petitions against the ban, which the community hopes the supreme court will soon hear. The case was originally going to be heard on Sept. 11 last year but it has been repeatedly postponed.
Reddy shared with news.Bitcoin.com that “As of now we are fully focused on representing our clients in the supreme court case, since the RBI circular is the restriction which really affects the industry,” emphasizing:
“One would hope the case on the RBI circular is decided soon since the industry has been in limbo for nearly a year now”.
As the supreme court hearing on crypto regulation approaches, there are several notable efforts within the crypto community in India to bring about positive changes.
Recently it was reported about Blockchained India’s roadshow making rounds in four cities where industry participants can share their thoughts on whether India needs cryptocurrency regulation and what their suggestions are. The latest meeting took place in Hyderabad on March 16 and the next one will be in Bengaluru on March 30. The organizer of the events has said that the best suggestions for crypto regulation “will be included in the report to be submitted to the decision makers amongst the government”.
Meanwhile, the “India Wants Crypto” social media campaign has entered its 143rd day and is continually growing in popularity.
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