• Sun, 26 May 2019, 01:00 AM
  • All times are UTC
  • Edition:
    International
Link copied

Indian government gets two-week deadline to submit cryptocurrency report to Supreme Court

Fri, 26 Oct 2018, 10:16 am UTC

The Supreme Court of India has reportedly asked the government to submit a report on the findings of the crypto-focused committee it had established, Bitcoin.com reported.

Earlier this year, the Reserve Bank of India banned the entities regulated by it from engaging with any individual or businesses involved with digital currencies. In a bid to comply with the RBI’s ban, banks forced exchanges and traders to stop using their accounts for cryptocurrency trading, who, in turn, approached the Supreme Court of India.

The country’s apex court, which initially planned to hear the petitions against the cryptocurrency banking ban on September 11, finally brought up the case on Thursday, October 25, after a delay of one-and-a-half months.

“The matter came up for hearing today briefly. So some progress in the case finally,” Nischal Shetty, the CEO of Indian crypto exchange Wazirx, told news.Bitcoin.com. “Supreme court has asked govt. to file an affidavit related to the findings of the crypto committee set up by them. They’re supposed to submit this within 2 weeks.”

The government had previously established an inter-governmental panel to look into the regulation of cryptocurrencies, both and locally and internationally. Recent reports suggested that the regulatory framework for cryptocurrencies will likely be ready by the end of 2018.

Earlier this week, Harish BV, the co-founder of Indian crypto exchange Unocoin, was arrested by the police after the company installed bitcoin ATM machine in Bangalore, Karnataka. The crime branch said in a statement (as quoted by Business Today):

"The ATM kiosk installed by Unocoin in Bengaluru's Kempfort Mall has not taken any permission from the state government and is dealing in cryptocurrency outside the remit of the law."

<Copyright © TokenPost. All Rights Reserved. >

The commenting service is available only after having logged in.
More
  • Bitcoin (BTC) $8,061.28 (+0.60%)
  • Ethereum (ETH) $252.33 (+0.85%)
  • XRP (XRP) $0.386500 (+0.23%)
  • Bitcoin Cash (BCH) $407.44 (-0.57%)
  • Litecoin (LTC) $103.67 (+3.69%)
  • Bitcoin (BTC) $8,061.28 (+0.60%)
May 24, 2019 (Friday)
12:18
Crypto Technicals: ETH/USD retraces above 1H 200-SMA, 'Hammer' on daily charts signals further gains
10:50
German engineering giant Bosch trials Ethereum blockchain
10:39
Crypto Technicals: BTG/USD grinds higher along 21-EMA, breakout at 61.8% Fib (25.74) will accentuate gains
09:33
Bank of Russia to review proposal on gold-backed cryptocurrency
09:17
Blockchain software firm Unstoppable Domains raises $4M from Draper Associates, Boost VC
08:45
Crypto Technicals: LTC/USD bounces off 21-EMA support, next bull target $109
08:45
Robinhood Crypto is now in New York
07:27
Facebook to launch its cryptocurrency 'GlobalCoin' in Q1 2020: Report
07:25
California resident sued for alleged $26M crypto Ponzi scheme
06:33
AT&T teams up with BitPay to become the first telecom to accept cryptocurrency payments
06:16
Rep. Swalwell accepting bitcoin donations in bid for US presidency
06:10
Grayscale receives FINRA approval to open Ethereum Trust to individual investors
05:12
Indian telco Airtel selects IBM for blockchain-based pan India anti-spam call solution: Report
05:07
Binance CEO CZ seeks compensation for reputational damage from Sequoia
04:06
Overstock.com’s blockchain subsidiary signs MOU with Lusaka city to develop land governance platform
03:57
Toyota, University of Tokyo, TRENDE to start testing blockchain-based electricity trading solution
03:14
Russia's NSD to roll out security token blockchain in June
May 23, 2019 (Thursday)
12:15
Crypto Technicals: IOT/USD holds 21-EMA support, retrace till 0.3185 (200-DMA) likely on break below
12:11
Coinstar extends bitcoin buying service to 21 US states
11:38
Crypto Technicals: BTC/USD bounces off session lows with 'Hammer' formation, bias neutral
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft