The Supreme court of India asks the government to clarify the issue of regulation of cryptocurrency


The Supreme court of India asks the government to clarify the issue of regulation of cryptocurrency

In the infinite Indian film about the cryptocurrency regulation seems to be reaching the final. The Supreme court of India asked the government to present a formal position on this issue.

From April 2018, when the Reserve Bank of India has banned local banks to serve the crypto currency exchange, the situation has not changed much, and all participants in the process understand that the infinite can not continue. Challenged in court the ban should either remain in force or be cancelled.

However, the Supreme court, which has filled petitions both supporters and opponents of the ban, it also made sense before the decision to consult with the government on this issue.

According to Nisala Shetty, the founder and CEO WazirX, one of the Indian cripture, the court was asked to provide inputs to the governmental Committee for the study of cryptocurrencies in the next two weeks. “The government must clarify this issue – our future depends on our employees and their jobs,” said the legal counsel of nine kryptomere participating in the trial.

Two weeks is not too long, perhaps the process will change by the next hearing, scheduled for November 20. Anyway, hope market participants, because of the prohibition of forced to find new models of survival, for example, excluding from listing Fiat, and leaving only cryptocurrency pairs.

However, the wait proved to be ready not all. Previously, the largest trading volumes in India, the crypto currency exchange Zebpay was closed in September.

We will remind, the decision of the Reserve Bank banned the country’s banks to service the accounts of private individuals and organizations used for cryptocurrency transactions, entered into force on 5 July 2018.

Meanwhile, in August it became clear that the government is keenly interested in the topic of tokenization assets and is considering various options for the use of the tokens that will be including to buy a Fiat.

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