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Supreme Court of India Gives Two Week Deadline for Gov’t to Clarify Position on Crypto

Georgi Georgiev | Oct 26, 2018 | 22:00

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The Supreme Court of India has formally set a deadline of two weeks for the government to officially clarify its position on cryptocurrencies.

Urging for Clarity

After having delayed its decision multiple times, the Supreme Court of India has urged the country’s government to provide its clear and official stance on the matter of cryptocurrencies. According to India’s Economic Times, the government has two weeks to get the matter resolved.

Back in April, 2018, the Reserve Bank of India officially ordered all regulated entities to refrain from providing services to any and all businesses which are involved in the dealing of cryptocurrencies.

RBI Headquarters in Mumbai

Actions Speak Louder Than Words

While there hasn’t been an official statewide ban, the stance of authorities is pretty evident, especially after the actions of this week.

As Bitcoinist reported, the police in Bengaluru seized the country’s first operating Bitcoin ATM which was property of India’s oldest cryptocurrency exchange Unocoin. Authorities also arrested one of the company’s co-founders: Harish BV. Yet, speaking on the matter, the other co-founder of UnoCoin, Sathvik Vishwanath, 32, raised a rather interesting point:

The legality of cryptocurrencies as such and hence the legality status of Bitcoin or other cryptocurrencies in India remain unchanged. This decision of RBI was more in line with its earlier statements on the risk associated with the cryptos.

Unfazed by his words, the local authorities took further action and arrested the Vishwanath the following day, local media News 18 reports. The outlet cites a police, who said:

The accused in order to earn money had joined hands with the other accused and set up these kiosks illegally, thereby duping the public.

What do you think of the Supreme Court’s urge for an official stance on the matter of cryptocurrencies on behalf of the government? Don’t hesitate to let us know in the comments below!

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