Supreme Court Postpones Hearing of Crypto Case on Government’s Request

The much-awaited supreme court hearing on the status of crypto regulations and the banking ban on the use of cryptocurrency in India has been postponed on the request of government’s counsel.

Earlier the Supreme court has given the drafting committee a 4-week ultimatum to finalize the final report on the crypto regulations. The ultimatum was given in connection to the pending cases and petitions filed against the complete banking ban on the use of crypto in India.

The hearing was scheduled for today, which has been postponed now for the second week of July, a Twitter handle which goes by the name of “Crypto kanoon,” an Indian platform for crypto regulatory news and analysis said,

“Supreme Court has adjourned the Crypto vs RBI matter on the request of government’s counsel. Matter fixed for final arguments in 2nd week of July on a non-miscellaneous (regular) day.”

The court orders are yet to be released which would have the exact dates for the next hearing, and till the time the ban imposed by the Reserve Bank of India would continue.

The Continuous Delays in the Finalization of Crypto Regulation Draft

The ounce of drafting the crypto regulations in the country has been given to the interministerial committee headed by Subhash Chandra Garg, Secretary of the Department of Economic Affairs, Ministry of Finance. During the last court hearing, the drafting committee has assured the court that the drafting committee is in its final stage of deliberation.

The continuous delays in the finalizing the report has created quite an anonymity over the future of the crypto in India. The banking ban put by the RBI also made several crypto offering services and exchanges to close their services in the country, since it was getting increasingly difficult for them to help their users get the banking services required for withdrawals. Zebpay was one such service offering which had to shut its operation in the country, due to the lack of any certainty of the future.

Final Thoughts

The banking ban and uncertainty over the crypto future are making India really miss on the opportunity which most of the other nations are racking the riches of. Many believe India is already two years behind than its neighboring counterparts like China. And if the procrastination and ignorance of the government continue, India would just become a spectator again as it did in case of late 90’s dot com boom.

Since the Supreme court has already intervened in the matter, it would be even better if they can address the urgency required and either give a strict warning or form another committee comprising of experts who understand the technology and take the necessary feedback from the stakeholders of the crypto space.