The Ultimatum Given to the Indian Government to Produce Crypto Regulation is About to Lapse
Based on a recent report, the four-week time frame which was given to the government of India to produce its crypto regulation by its Supreme court on the 25th of February is about to come to an end.
The Deadline for Submission is set for March 29
Jaideep Reddy, the lawyer from Nishith Desai Associates and who represents the Internet and Mobile Association of India (IAMAI) and wrote a petition against the crypto banking ban by the central bank said that:
“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.”
Date Likely to Change
Although 29th of March is the date listed on the court’s Advance List, it can be altered due to the fact that the court will also be hearing about the virtual currency regulatory framework from the government on same day and may not be opportune to attend to crypto banking ban by the Reserve Bank of India (RBI).
An interministerial committee being headed by the Secretary of the Ministry of Finance’s Department of Economic Affairs, Subhash Chandra Hath is in charge of drafting India’s virtual currency regulatory framework and the committee told the court during last Supreme court hearing that it is in its final stages of deliberations.
However, there have been several speculations about what the recommendations by the Garg committee will entail. Some are saying that the panel has recommended that virtual currency is banned while others are saying that the committee has recommended that virtual currency needs to be
