The highly controversial Indian crypto scene has been long under the shadow of the government. The virtual ban on cryptocurrencies placed back in April 2018 completely blocked the growth of the industry that was starting to grow. Without any clear regulations at play, the Indian crypto industry has been struggling to determine the future of cryptocurrencies in India.
Soon after, a Draft bill that was designed to regulate cryptocurrencies and put a ban on them, surfaced the internet. The existence of the bill dubbed “Banning of Cryptocurrency & Regulation of official digital Currencies” was soon confirmed by the Ministry of Finance. This sent the entire Indian crypto community into a state of panic as people who had a lot of money invested in digital assets would lose it all.
The bill was supposed to be introduced during the winter session of 2019 of the Indian parliament but ended up not being included in the published agenda. Alongside this, the Indian Supreme Court also postponed all writ petitions regarding cryptocurrencies and digital assets to January 14th 2020.
Recent reports reveal that the court now is ready to continue assessing what it’s calling the ‘Crypto Matter’, listed as item no. 1 in court no. 4. The session’s purpose would be to listen to the arguments RBI to the representations made by the Exchanges.
Indian crypto regulatory news and analysis platform Crypto Kanoon was the first to report this on twitter.
As per reports, the hearing has been delayed yet again as the court has decided to go with other matters at hand.
According to Crypto Kanoon, the court has decided to take up item no. 2. After which it plans to take up larger bench matters, including items 101 to 103, before finally taking on the hearing of the Crypto Matter. The court clarified the decision, claiming that taking up the Crypto Matter in the beginning, might end up blocking the board for an entire week.
In an interview with Cointelegraph, Kashif Raza — co-founder of Crypto Kanoon said that this case was the result of multiple petitions by the Internet & Mobile Association of India (IAMAI), a not-for-profit industry body that appeals to the government on behalf of internet industry consumers, shareholders and investors.
Ever since the crypto ban bill went public, the entire Indian crypto community has come together and has campaigned constantly for the government to reconsider this ban. Crypto enthusiasts have also pointed out that the bill is flawed.
Discussing the matter, Raza continued that the latest action by the court is positive news for the oppressed cryptocurrency community of India. He said:
“Today RBI was supposed to reply to the representation filed by IAMAI […] It seems that the Supreme Court of India today passed over the matter primarily because the court expects there to be longer arguments in this case, which could take their entire week. They gave it a pass so as to allow in future for a full-fledged hearing of the arguments, to listen to both parties. So interesting times ahead.”
Even though cryptocurrencies are still considered a rouge investment/asset class in India, the nation has the exact opposite stance towards Blockchain technology. The nation wants to deploy blockchain in various sectors ranging from supply chain to finance. The nation has already started deploying blockchain-based project pilots in multiple states, and It looks like the nation is heavily inspired by China regarding this matter.