India Supreme Court Asks Government to Provide Opinion on Cryptos Within 2 Weeks

October- 24, 2018 | AtoZ Markets

The Supreme Court of India has requested the country’s government to provide an “opinion on cryptocurrencies”, amid legal fallout due to the ruling the central bank issued in April.

The court held a hearing on Thursday, for a number of petitions local cryptocurrency exchanges filed, in addition to the Internet & Mobile Association of India (IAMAI), over the Reserve Bank of India’s (RBI) order banning domestic banks from providing servicing crypto companies.

The court set a two-week period for the government, to state its vision on the matter, as per the media.

On his turn, Nischal Shetty- founder and CEO of the Indian crypto exchange WazirX, said in a tweet that the court asked the government to “file an affidavit related to the findings of the crypto committee set up by them.”

No crypto-related financial technology allowed!

The Economic Times quoted Nakul Dewan- legal counsel, as saying “The government must give some finality to the issue. We have got employees. There are jobs,” targetting nine of the cryptocurrency exchanges included in the hearing.

In a connected news, the media outlet The Hindu reported on Wednesday that the Central Crime Branch arrested Unocoin’s CEO and co-founder, Sathvik Vishwanath.

The police had confiscated a cryptocurrency ATM in the city of Bangalore last week soon after it was set up by local cryptocurrency exchange Unocoin, along with arresting Harish BV, co-founder and chief technology officer of the Unocoin exchange.

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