India’s RBI Cries Out for Cryptocurrency Regulation by Supreme Court
On the 21st of July, the RBI, the central bank of India stressed their request for the Supreme Court to begin regulating cryptocurrencies as reports stated. Earlier this year, the central bank placed a ban on all individuals and businesses operating with digital currencies due to a heavy concern for the risks associated.
Shyman Divan of the RBI, serving as its SA stressed to his honor, Judge Dipak Misra, that implementing regulations on BTC and any cryptocurrency is absolutely a must due to a rise in concerns surrounding the criminal activities and illegal operations that may accompany the digital currencies.
He also highlighted cryptocurrencies and their effect on a global scale, stating that the entire situation could possibly affect monetary flows throughout the world. The elder advocate stated that a committee created in 2017 and directed by SEA Subhash Garg in order to design and develop a firm regulatory system for crypto. A three-week minimum requirement to process petitions regarding the regulatory structure is required by the RBI.
On the 19th of July, the country’s Supreme once against delayed the central banks hearing on the matter, pushing it from the 20th of July to September. The announcement by the RBI in April resulted in outrage from the cryptocurrency community within India and saw a petition posted online to counter the ban with over forty thousand signatures agreeing. One month after the ban, the Supreme Court denied a court order to prevent the central bank’s ban from going through.
Another ruling by the Supreme Court was made, forbidding any petitions that argue the ban from being submitted to any of the High Court’s within India. The ban took full effect in July after a deadline placed in April’s announcement gave a relief period of three months for companies to completely cease any crypto-related business.
Later in July, one unidentified individual within the government stated that the government had planned on deeming cryptocurrencies as commodities to leave some room for potential as opposed to a complete and utter ban on crypto.