The Supreme court of India asked the government to clarify the position on cryptocurrencies


The Supreme court of India asked the government to present their vision on the regulation of cryptocurrency in the next two weeks. It is reported by The Economic Times.

In April, the Reserve Bank of India (RBI) banned controlled institutions to provide individuals and companies with services related to digital currencies. The indignant representatives of the crypto community countries began to send complaints to the local courts with a request to cancel the ban. However, in July the Supreme court has twice defended the position of the Central Bank.

During the next meeting of the legal adviser of the nine cryptocurrency exchanges Nakul Dewan stated that the prohibition of Central Bank suspended the operations of industry in the country.

The lawyer, RBI Shyam Sofa noted that the regulator is only trying to discourage the use of cryptocurrency. However, he added that the decision of the Reserve Bank is of a political nature, and need to hear the government’s position. The next hearing is scheduled for November 20.

In India there is no direct ban on the use of digital currencies. However, the head of the National Association of software developers and services Nasscom Debjani Ghosh said that, in the opinion of the members of the cryptocurrency in the country illegally.

“The Genesis of this problem, however, is the inability of the government to keep pace with rapid technological changes”, — said Debjani gosh.

We will remind, in October, Indian police have arrested a co-founder of the exchange Unocoin haritha BV and withdrew a newly installed terminal to exchange cryptocurrency.

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