When many Indians were excited about today’s hearing (March 29) and hoping to receive positive crypto revolution, the Supreme Court’s decision shattered their hopes within minutes. Indian crypto matter was set to receive court’s hearing on March 29, after it postponed from March 25 and the court in no time adjourned the case to next week of July.
The news was first leaked by Indian crypto media ‘CryptoKanoon’ stating that “Supreme Court has adjourned the #CryptoVsRBI matter on the request of Government’s Counsel”. It is to remind that the supreme court provided a month time to Indian Govt to frame regulations on cryptocurrency, specifically, it was expected Govt to announce its decision by March 25. With this, the court had also mentioned that if in case Govt didn’t finalize anything, Supreme court itself will take action on Indian crypto matters. Routinely, Govt failed to respond anything and the Supreme Court declared March 29 as the date to announce its own decision.
Following the Supreme Court’s announcement, Indian crypto community was bringing the midnight oil and apparently keeping all their hopes on Court’s decision. Nonetheless, Govt shattered the hopes and adjourned the crypto matter to the 2nd week of July. Per the reports, it was adjourned on the request of Government’s Counsel and consequently, next hearing will be on a miscellaneous day (i.e Tuesday, Wednesday or Thursday).
Is India Missing Crypto Boat?
At one point, Countries like Australia, Switzerland are jumping on the bandwagon of the crypto and blockchain technology, one the other hand, Indian crypto influencers, and community at large forcing Govt to join the party (even if it is late). Neither the Supreme Court nor Govt seems to join the party – more likely missing the boat.
Government is Pessimistic but Community is Optimistic – #IndiaWantsCrypto
Cryptocurrency exchanges, volunteers and other crypto enthusiasts in India are continuously fighting against reluctance on crypto aspects by government authorities. As such, campaign #IndiaWantsCrypto continued with a full buzz that demands Govt to look at the crypto initiative by other countries and consequently formulate favorable regulations within India. As such, it is day 148 for the campaign and Nischal Shetty, the founder of WazirX, the Indian Crypto Exchange is on his mission, continuously tagging Prime minister and finance minister in his tweet.
Meantime, volunteers and crypto enthusiasts across India began nationwide roadshow on March 29. Accordingly, an open town hall campaign is organized across 4 Major cities (Delhi, Mumbai, Hyderabad, Bangalore) of India in the month of March alone. With this open meetups, crypto enthusiasts and experts intend to draw a joint report of their voices that will be presented to the Government of India with a purpose to consider in upcoming crypto regulations. Blockchain Indian community have successfully completed roadshow for three countries and yet to organize in Bangalore on March 30. Concerning the similar context, Akshay Aggarwal, Co-founder and country head of Blockchained India (who began this initiative) states that;
I am excited for this already, looks like it’s going to be quite interesting with such varied perspectives at Bangalore open townhall tomorrow.
As for now, the Supreme court adjourned the case to July 2nd week and there’s no definite rules/policies regarding cryptocurrency in India. To note, this is the peak time of Election in India which may likely be a reason for today’s hearing that says – at the request of Government counsel.
Do you think Indian crypto community will see positive aspects of crypto in Country on July 2nd week? Let us know.
Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com