Court Gives India 30 Days to Draft DLT & Crypto Regulations

The Indian government has been cautious of Blockchain and digital currencies and for good reason. The series of scams conveyed from India has been the government’s plan. Nevertheless, the current turn of events, the Supreme Court has asked the government of India to draft the blockchain (DLT) and cryptocurrency regulations for the nation in just four weeks.

Twitter users Crypto Kanoon and Superteek Bose described that the bench headed by Justice Rohinton F Nariman as well as member Vineet Saran extended the deadline for the government 24 hours before the case hearing. The Supreme court of India has to hear the petition on Feb 26 against the blanket ban on digital currencies by the Reserve Bank of India (RBI). 

Through Twitter, Crypto Kanoon reported that the court has given weeks to the government.

#CryptovsRBI update!

Supreme Court has granted 4 weeks to Indian Government as the final opportunity to bring about a policy (Rules and Regulations) on Crypto currencies!

For details, please watch this video both in Hindi and English. https://t.co/R8E5wuGPHJ
— Crypto Kanoon (@cryptokanoon) February 25, 2019

 

Two-Judge Bench 

While replying to Ashish Jat, a Twitter user, Suparteek Bose noted that the two-member bench has granted a special order before the petition hearing. 

Today itself, a two-judge bench led by Justices, Rohinton F Nariman and Vineet Saran extended the deadline by a month to come up with rules and regulations.
— Suprateek Bose (@SupraBo_) February 25, 2019

 

Several specialists hope that, with the government of India on a timeline, the petition hearing on Tuesday, February 26, 2019, will only be a formality and the case will continue after the deadline expires. 

Suparteek further noted in a separate tweet that if the Indian government doesn’t deliver the necessary cryptocurrency usage regulations, then the supreme court would come out with a decision based on how they understand the event.

Crypto Update:

Supreme Court of India has asked Government to finalise policy decision on cryptocurrency regulations within 4 weeks from today.

In case the policy is not made within the timeframe, court will then make its own ruling.#CryptovsRBI #bitcoin #IndiaWantsCrypto
— Suprateek Bose (@SupraBo_) February 25, 2019

 

Hype to Hope 

Recently, India’s National Association Software and Services Companies (NASSCOM) issued a report before a panel indicating the latest developments of the cryptocurrency and blockchain technology industry. Sangeeta Gupta, Vice president NASSCOM, officially presented her discoveries at the NASSCOm Technology & Leadership Forum 2019. 

The report dubbed “Blockchain: Hype to Hope” highlighted the present stand of the blockchain technology market and explained the opportunities that this nascent technology could provide the global citizen. The report noted: 

“India needs to act fast & work with key stakeholders to provide regulatory certainty around Blockchain technology and Cryptocurrencies.” 

The President of NASSCOM, Debjani Ghosh, also revealed that investment in innovative technology field has been at the max for the past half a decade. However, stats indicated that funds dedicated to the blockchain technology industry have not been fully used to trigger growth and development due to the absence of legal transparency.

As reported by Coinidol, India was considering creating a roadmap and blueprint for blockchain tech and cryptocurrency, according to a proposal by the Institute for Development and Research in Banking Technology (IDRBT).