Finally Indian Govt. Gets a 4 Weeks'Ultimatum from SC for Coming up With Regulations on Cryptos

Hi friends!

Did you hear it?

Yes, for the first time there is some talk of a time-frame for finalizing of policy and regulations on cryptocurrencies.

After some positive stance from Delhi High Court on a crypto matter last year, we haven't heard much positive news from the Supreme Courts thus far.

But today was the first day of hearing specifically on RBI ban of last year. Perhaps considering the Government's initiative in setting up committees to evaluate the virtual currency and digital assets field, the Supreme Court chose to grant one opportunity to the Government before hearing the case any further.

The Supreme Court gave a clear directive to the Union of India to come up with the policy and regulations on virtual currencies with in 4 weeks from today. On failing to do so, Court will be forced to make its own judgement.

Crypto community in India is delighted with this stand of Supreme Court. Although there is no order as yet from SC, a clear directive specifying a 4 week time frame from the apex court of the country is something to be celebrated. People have waited for so long that 4 weeks time doesn't sound too long now.

Considering the upcoming General Election in couple of months, any new policy regarding cryptocurrencies was hardly expected. But the Supreme Court giving a final opportunity to the Government to frame its regulations on it lit the proverbial light at the end of the tunnel.

It's a good measure from the Supreme Court to assure that this matter is not derailed any further when it starts hearing on it, if Government comes up with some new rules and regulations around it, in-between.

Personally, I don't think that Government will actually come up with some regulation framework within the stipulated time frame but if it is any serious at that, it will certainly request the Courts to grant an extension in time at the end of the 4 weeks. And I expect that Court may grant some more time for it.

Nevertheless, this is a very positive development in direction of resolving this case. I wasn't expecting any hearing on this matter today. So when I heard the news, I was pleasantly surprised.

Let's hope for the best during the next crypto bull run!