The four-week period in which the Supreme Court of India has given the government a cryptographic regulation bill is coming to an end. According to the court’s pre-acceptance list, the cryptocurrency case will be accepted on March 29. At the same time, the community is stepping up efforts to achieve aggressive encryption regulation and ending the central bank’s ban on banking for the encryption industry.
According to the list of courts, the cryptocurrency hearing date is scheduled for March 29th.
The deadline for the cryptocurrency regulatory framework proposed by the Supreme Court of India to the government is coming. On February 25, the court provided the government with four weeks to develop CRYPTO regulations. Next week is the deadline given by the court. Jaideep Reddy, a lawyer at Nishith Desai Associates, on behalf of the Internet and the Indian Mobile Association (IAMAI) filed a petition against the central bank’s banking ban on the encryption industry. On Saturday, he told news.Bitcoin.com:
“The Supreme Court has issued a document called ‘Pre-list’, according to which the case will be accepted on March 29. The final list including the date of confirmation should be announced at the beginning of next week.”
Although the court’s pre-acceptance list currently lists March 29 as the next hearing date for the cryptocurrency case, it is still subject to change. In addition, the court will first hear the government’s regulatory framework for cryptocurrencies and may not be able to resolve the ban on banking in India’s central bank, the Reserve Bank of India (RBI), on the same day.
The Indian cryptocurrency regulatory framework was drafted by an interdepartmental committee led by Subhash Chandra Garg, Secretary of the Ministry of Finance’s Department of Economic Affairs. At the last Supreme Court hearing, the government told the court that the committee was in the “final stage of deliberation”.
There are some reports speculating what advice the Garg leadership committee will give. CNBC TV18 claims that their source stated that the group recommended a ban on cryptocurrencies. However, another report pointed out that the panel recommended that cryptocurrencies “need to be legalized through strong regulatory conditions”.
Fully lift the RBI ban
Reddy shared with news.Bitcoin.com: “As of now, we are concentrating on handling this case in our Supreme Court on behalf of our clients, because RBI notices impose tangible restrictions on the entire industry,” he stressed:
“Everyone hopes that the case of the RBI ban will be fixed as soon as possible because the encryption industry has been in a very unstable state for almost a year.”
As the Supreme Court hearing on encryption regulation approaches, India’s encryption community has also made some self-reporting efforts to bring about positive changes.
News.Bitcoin.com recently reported on Blockchain India’s four-city tour, where industry participants can share their views on whether India needs cryptocurrency regulation and its recommendations. The most recent rally was held in Hyderabad on March 16 and the next rally will be held in Bangalore on March 30th. Event organizers said that the best advice for cryptographic regulation “will be included in the reports submitted to government decision makers.”
At the same time, the “India Wants Crypto” social media campaign has entered its 143rd day and the number of participants is growing.
