The supreme court of Indian has set a two-week deadline for the government to present an official statement on cryptocurrencies. This news was reported by Economic Times, a popular Indian newspaper.
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The court ruling
After several delays, the court ruled on the petitions filed the cryptocurrency community in India. This came after a prohibition by the Reserve Bank of India on banks engaging in crypto as well as crypto related businesses in April this year.
The counsel for nine crypto exchanges, Nakul Dewan, stated that even though the reserve bank didn’t place an official ban on digital currency, the exchange and trade of bitcoin has been discouraged. It has frozen engagement with cryptocurrencies in the country since the situation is still unclear.
RBI’s counsel responded to Dewan’s plea for clarity by telling the court that the central bank planned to discourage the use of digital currencies, but that the government had the final say on the status of cryptos via its policy decision. According to ET, the court has asked Indian officials to return with their stances within two weeks.