March 29th - Can It Be Final Verdict of India’s Apex Court on Cryptocurrencies?

Ever since the RBI has directed all domestic banks and put a blanket ban on entire cryptocurrency trading, we see apprehensive sentiments in Indian crypto-aspirants as the ball has now fallen in Supreme Court of India’s court.

Meanwhile, the Supreme Court of India has actually directed the Union government of India in February to come up with a proper regulatory policy framework on cryptocurrency. With that perspective, the two-judge bench of Justice Rohinton Fali Nariman and Justice Vineet Saran also mentioned that in case of the government could not formulate one, then the Court may have to come up with their judgment on cryptocurrencies.

Thereafter, the government of India constituted a committee with the department of economics affairs, led by the Finance Secretary, Subhash Chandra Garg that leads the committee which is composed of RBI officials, ministry of electronics and IT, and SEB officials, which is now supposed to have come into a common consensus on not to shut down cryptocurrencies as illegal methods of payment.

The court is going to be reported to first hear about the regulatory framework for cryptocurrency from the government before finalizing the constitutionality of the RBI circular.

Quite a few market participants perceive and speculate the RBI’s ban in such a way that the usage of major cryptocurrencies like Bitcoin is not banned in the country. Arguably, only the domestic banks are forbidden by the central bank to extend their support to those who are working with the crypto-exchanges.

Any which ways, the Supreme Court of India is now scheduled to hear the prolonged petition on cryptocurrency ban on March 29thas one-month time given to the government to have proper crypto regulations in place, we are now reaching the deadline.

While we still get to see lingering speculative arguments saying that it is still in the smudged area of regulation, one cannot yet interpret it as unlawful for crypto traders to deal bitcoin via local OTC (Over-the-Counter) exchanges and P2P trading platforms using cash, as the central bank is yet to lift ban, so that the domestic banks support in this industry.

Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards 134 levels (which is highly bullish), while hourly USD spot index was at 45 (bullish) while articulating (at 12:00 GMT).

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