Indian Government in final stages of crafting crypto regulations

02 Mar, 2019
by David Borman
Regulation
Indian Government in final stages of crafting crypto regulations

It is being reported by Bitcoin.com that the Indian government has announced to the nation's supreme court that the committee overseeing the drafting of cryptocurrency regulations is in the final stages of their task.

The announcement came during a brief hearing of the case between the Internet and Mobile Association of India (IAMAI) and the Reserve Bank of India (RBI) over the latter's ban on cryptocurrency banking of any kind. Apparently during the hearing, the Union of India, which is tasked with forming the crypto regulations, said that no decision should be made until regulations are completed, which is apparently soon.

Read more: 'Cryptocurrencies currently not a threat' according to the Reserve Bank of India

Lawyer Jaideep Reddy of Nishith Desai Associates, who was present, reported the following:

"The matter started with the counsel for the Union of India stating that its committee is in the final stages of deliberations and that the matter should be heard after that."

The court gave the the Union of India four weeks to finish their regulation, at which time a final decision would be made on the case over the ban.

It sounds like a decision on the legal status of crypto will soon be decided in India. Stick with Chepicap for all updates on the unfolding saga!

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