The Reserve Bank of India agrees that cryptocurrency regulations should be left to government policymakers.
The Supreme Court of India has asked the country’s government to provide an official opinion regarding cryptocurrency within two weeks, according to an October 26 article published in the Indian newspaper The Economic Times.
According to the article, the court has received multiple petitions from cryptocurrency exchanges challenging an April decision by the Reserve Bank of India (RBI). That order banned RBI-regulated entities from providing financial services to exchanges and other cryptocurrency businesses.
Although there is no prohibition on the personal use or trading of digital currency in India, discouragement by the RBI has had a wide-reaching effect on the Indian cryptocurrency market, causing exchanges to move away from fiat-crypto trade pairs and even completely shut down.
As per the article, RBI lawyer Shyam Divan told the court that the government must ultimately decide on cryptocurrency policy.
India doesn’t have a monolithic stance toward cryptocurrency, but the RBI has been cautioning the public about its use since 2013.
Nathan Graham is a full-time staff writer for ETHNews. He lives in Sparks, Nevada, with his wife, Beth, and dog, Kyia. Nathan has a passion for new technology, grant writing, and short stories. He spends his time rafting the American River, playing video games, and writing.
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