Ministry of Finance (MoF) has submitted its counter-affidavit to the Supreme Court of India in the case against the central bank for issuing a mandate banning banks from rendering services to cryptocurrency businesses in India. MoF has missed the date for submission set by the court but the government has finally responded to the court.
However, since the Supreme Court of India has set the next hearing on the 15th of January, 2019 there's not a lot of activity around this issue currently. Besides their response is half-baked lacking any concrete information.
MoF may have submitted its counter but it has failed to inform any new information on the pending draft or regulation required in this space.
There is a growing need for regulation in the market in India in order to allow businesses to freely operate as the unconstitutional mandate from RBI has stifled the growth in the blockchain technology and cryptocurrency sector with many startups choosing Malta, Singapore and other countries as a base of operation.
In the meantime, I encourage all users from India to get on twitter and tweet for a pro-cryptocurrency legislation legitimising trading and possession of these digital tokens.
Indian government at present doesn't recognise these as currencies and calls them crypto-assets. However, the country is not only in need for blockchain technology, we need the decentralisation and tokenisation aspects of it too.
Hopefully, in the weeks to come there will be some big moves at the apex court and some positive news for us all is my sincere hope.
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