The Indian Supreme Court, which is the apex court of the country, was supposed to be presented with a decision on the regulations on cryptocurrencies by the Union of India on March 29. However, the court adjourned the matter on the request of the Government’s Counsel.
According to Crypto Kanoon, the matter is going to be heard for final arguments in the second week of July on a non-miscellaneous day. Crypto Kanoon tweeted:
According to Coin Crunch India, the matter was over within minutes of the hearing, which came as a shocker because the crypto-community and other crypto-enthusiasts were waiting patiently for the hearing.
Earlier, the Supreme Court of India had allocated four weeks time for the Union of India to decide on the regulations related to the cryptocurrency ecosystem and to provide clarity on the ban imposed by the Reserve Bank of India, the central bank of the country, on all crypto-transactions.
The hearing was supposed to clarify these details and highlight the nation’s stance on cryptocurrency, but was postponed within 10 seconds, according to Naimish Sanghvi. However, the next date of hearing remains vague. Sanghvi tweeted,
“It took less than 10 seconds for crypto matter to be listed and gone in the supreme Court today. So much for a month long wait. I have a feeling we got a new date. Will wait till sources can confirm it.”
Another crypto-enthusiast from India, @DesiCryptoHodlr, commented on the matter and mentioned the expected period over which the case could be heard:
“As a single girl, I always wished for many dates this year. God apparently took it the wrong way and has given us many dates in the #CryptoVsRBI matter.
With little progress today, the next date for final arguments is 2nd week of July ’19.”
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Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.