A well known group of Indian crypto activists has tweeted about the
Indian Supreme Court's intention to decide on the classification of
cryptocurrencies by September 11, 2018.
The Supereme Court had earlier POSTPONED making a decision on the matter,
following a deluge of petitions filed by cryptocurrency traders and
exchanges requesting the Reserve Bank of India to retract a circular
released inApril which banned cryptocurrencies. This had lead to a rise
in peer-to-peer (P2P) networks which were the only way for exchanges to
TRADE CRYPTOCURRENCIES following the were the ban coming into effect on
July 5th.
In recent weeks it has emerged that Indian regulators may choose to
clsssify cryptocurrencies as COMMODITIES rather than banning them
outright, though this would also pose issues for the development of an
effective crypto economy in the country. Exchanges have already
CEASED TRADE in Indian rupees, which will negatively affect the rate of
cryptocurrency adoption in the country. As in many countries,
regulators and government officials in India see cryptocurrencies as a
theat to the state's control of surrency supply and a means for MONEY
LAUNDERING.