Facebook X (Twitter) LinkedIn Telegram
    • About
    • Advertise
    • Submit Press Release
    • Contact
    Facebook X (Twitter) LinkedIn Telegram
    BlockonomiBlockonomi
    • Prices
      • All Coins
      • Bitcoin Price
      • Ethereum Price
      • Ripple Price
      • EOS Price
      • Litecoin Price
      • Monero Price
      • Binance Coin Price
      • Bitcoin Cash Price
      • Chainlink Price
      • Cardano Price
      • Stellar Price
      • Tron Price
    • Sections
      • All
      • Analysis
      • Bitcoin
      • Ethereum
      • Education
      • Trading
      • Buying
      • DeFi
      • NFTs
      • Metaverse
      • Exchanges
      • Brokers
      • Guides
      • Gaming
      • Privacy
      • Business
      • Finance
      • Fintech
      • Regulation
      • Security
    • Claim Free Crypto!
    • Gamble With Crypto!
    • Easily Buy Crypto!
    Home / About / Advertise / Submit Press Release
    BlockonomiBlockonomi
    News

    India’s Supreme Court Issues Ultimatum for Clear-Cut Bitcoin Regulations

    Osato Avan-NomayoBy Osato Avan-NomayoFebruary 26, 2019No Comments4 Mins Read
    Telegram Twitter LinkedIn WhatsApp Facebook Email
    Cryptocurrency India
    Share
    Facebook Twitter LinkedIn Email Telegram WhatsApp

    India’s Supreme Court has directed the Union of India to come up with clear-cut policy statements regarding Bitcoin and other cryptocurrencies within the next four weeks. The country’s apex court says failure to meet the deadline will result in the court delivering its ruling concerning the legality of virtual currencies in India.

    Cryptocurrency India

    Release a Proper Policy or We Will, Says India’s Supreme Court

    Table of Contents

    • Release a Proper Policy or We Will, Says India’s Supreme Court
    • Legal Stalemate
    • Systematic Bitcoin Suppression
    • India Wants Bitcoin Campaign

    According to several news sources from India, the country’s Supreme Court on Monday (February 25, 2019), issued a directive to the Union of India to finalize a concrete regulatory policy for cryptocurrencies. The court refused to hear petitions from any of the parties declaring instead that it would deliver its judgment on the matter if the government failed to come to a resolution within the time-frame.

    @BTCTN @CryptoCoinsNews @coindesk @Cointelegraph @VireshwarTomar @aaravmeanspeace @bitcoinist @coincrunchin @cryptomanran @APompliano @IvanOnTech @bsindia @bshindi

    — KoinX (@getkoinx) February 25, 2019

    The case in question centers around the decision by the Reserve Bank of India (RBI) to prohibit banks from having any dealings with cryptocurrency exchange platforms. Based on the ban, Indian commercial banks cannot facilitate cryptocurrency transactions.

    Legal Stalemate

    This news comes as the latest salvo in the ongoing cryptocurrency saga in India with increased agitation from several quarters to reverse the RBI ban. For the Court, this directive serves as final notice to the government to get its act together and end the legal stalemate concerning cryptocurrencies in India.

    Supreme Court has given the Indian Government 4 weeks to bring about a crypto policy.

    Now to wait and watch! #IndiaWantsCrypto

    — Nischal (Shardeum) ???? (@NischalShetty) February 25, 2019

    Beginning in 2018, concerned stakeholders had contested the RBI ban. Critics of the decision say that the RBI effectively banned Bitcoin and other cryptocurrencies in the country.

    Since the start of the case, there have been many adjournments and postponements with representatives of the government seemingly bent on delaying proceedings. This announcement by the court might indicate its growing frustrating with the delay tactics employed by the government.

    Systematic Bitcoin Suppression

    Starting from the RBI ban, there has been a noticeable increase in attempts to stifle Bitcoin trading in India. Not long after the pronouncement of the prohibition, exchange platforms like ZebPay have been forced to move their operations elsewhere.

    Before the ban, the only moves made by the government against the industry were regular notices warning people about the dangers of virtual currencies. In 2013, the RBI issued a circular that detailed the numerous risks involved in Bitcoin and other cryptocurrencies.

    At the start of 2019, reports emerged that banks in the country were also demanding that customers do not participate in cryptocurrency transactions. As part of the warnings, these commercial banks threatened to close the account of any customers found to be trading virtual currencies.

    India Wants Bitcoin Campaign

    With every pronouncement from the government or the RBI against cryptocurrencies, industry stakeholders in the country continue their clamor for the legalization of the emerging asset class. For many critics of the government, these anti-crypto policies will only serve to make the country fall behind the rest of the world in adopting what they say is the future of global business.

    The ‘India Wants Crypto’ campaign is already more than 100 days old and continues to gain momentum among virtual currency enthusiasts in the country. Whenever there is a positive development concerning the industry in another country, proponents are quick to hop on social media reiterating their desire for the government to do the same.

    Thus far, not much has changed with the government yet to back down from its position. There are indications that a change of direction as far as anti-crypto sentiments from the government might be impossible. As reported by Blockonomi earlier in February 2019, the Indian government says the need to preserve rupee monopoly is one of the primary reasons why it is against the use of virtual currencies.

    Advertise Here
    Osato Avan-Nomayo

    Osato is a Bitcoin enthusiast who can often be found providing insight on the latest Bitcoin-related news. When he isn't closely monitoring stories in the industry, he is either attempting to beat his scrabble high score or internally debating some existential dilemma. Contact Osato@Blockonomi.com

    Related Posts

    EOS Network – An Enterprise-Grade Blockchain Operating System

    November 29, 2023

    Former OneCoin Compliance Chief Pleads Guilty to Fraud and Money Laundering

    November 10, 2023

    After The SBF Verdict, Where Does the Crypto Market Go Next?

    November 4, 2023

    Comments are closed.

    Coinbase Earn
    Advertise Here
    Gambling
    • mBit Casino
      VisitReview
    • BC Game
      VisitReview
    • Duelbits
      VisitReview
    • BitcoinCasino
      VisitReview
    • FortuneJack
      VisitReview
    • 1xBit
      VisitReview
    Exchanges
    • KuCoin
      VisitReview
    • Coinbase
      VisitReview
    • Binance
      VisitReview
    • PrimeXBT
      VisitReview
    Koinly
    Advertise Here
    Trading Bots
    • 3Commas
      VisitReview
    • Cryptohopper
      VisitReview
    • CoinRule
      VisitReview
    3commas Trading Bot
    Advertise Here
    All content on Blockonomi.com is provided solely for informational purposes, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, product, service or investment. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate.
    Blockonomi™ Copyright © 2017 - 2023 Kooc Media Ltd. All rights reserved. Registered Company No.05695741
    Network: Moneycheck - Finance News / Beanstalk - NFT & Metaverse News
    • About
    • Contact
    • Deals
    • Advertise
    • Privacy Policy
    • Terms & Conditions

    Type above and press Enter to search. Press Esc to cancel.