People still look up to cryptocurrency like it is a ghost. A ghost whose origin, name, rules, regulations nothing is known. But this ghost is now trying to establish a good place for itself in the Indian society. There has been much time now that the fight to gain recognition is going on. But the system is not yet ready or may be prepared for their acceptance. The acceptance of crypto is still questionable.
The battle between India’s Cryptocurrency exchanges and the Reserve bank of India was expected to reach some conclusion on Jan 15, 2019. But neither sides expect any result or even hearing for that matters on the date. The rumors and statements of all suggested that the hearing will be postponed.
The battle of acceptance
India’s cryptocurrency exchanges are challenging the Reserve bank of India’s order. The RBI released an order in April 2018. According to this order, the RBI has barred the banks from doing any kind of transactions with the cryptocurrency exchanges.
Crypto bourses and many other cryptocurrency exchanges had dragged the RBI into the court. Many cases were filed across India regarding the matters of transactions with banks and government agencies. Taking into consideration the various cases the Supreme Court had brought all of it under one name. The hearing of that case was commenced in May 2018.
The court back then had dismissed the plea to provide the relief on transactions. The next hearing was scheduled to be in September 2018. Though the crypto world and RBI expected the court to reach a conclusion, nothing really happened.
The conclusion that was expected to come in a few weeks showed signs of delay. Now the court is to hold a hearing in Jan 2019 but expectations of a postpone seem to have a stronger side.
“The case listed to be heard on Jan 15 but it is unlikely to be taken up on the day as there are other matters that have to be heard prior to that,” said a lawyer. The lawyer also said that the case is difficult to come up in the entire week.
Acceptance or Removal
Every result that might affect the country’s economy takes time. The stand of the ruling government also has an effect on it. The Modi government has not taken any stand on the crypto case as yet. The government documents reveal that a committee is working on a draft bill. The bill is expected to clear the governments to stand on crypto regulations. But there is no fixed time span for the bill completion. Hence there is no information on the outcome of the bill, not the meeting.
The Modi government is sending mixed signals regarding the crypto case. Sometimes it seems that there would be a complete ban, the other time it seems there might be strict regulations. The meetings are being scheduled and rescheduled and nothing worthwhile is happening. The passing year gave no worth result about the case. The New Year is expected to bring the case to a conclusion. Good or bad the coming time will reveal.