Supreme Court has finally heard the matter earlier today however it seems like this will be a long drawn out battle between the petitioners and the central bank of India.
Counsel representing the Union of India has informed the court today that a committee is coming up with a report on cryptocurrency. This probably refers to the Subash Garg committee that has been working on a report on cryptocurrencies for months now.
The Apex Court has now directed the government of India to file a counter affidavit within two and weeks and a new date will be listed by the government after 2 weeks.
It's quite likely that the validity of the report will be challenged in court when it's published and after it's submitted to the court. Ofcourse, we're likely to see more adjournments and new dates after two weeks is over.
Nevertheless this is the update on the situation as it unfolds.
I've also written about Unocoin co-founder's arrest here. Be sure to read that as well.
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