Reserve Bank of India's circular, which banned all local banks and regulated entities from engaging with any cryptocurrency entities, could soon run its course, INC24 reports. The country's Supreme Court has given the Union of India four weeks to bring in a new cryptocurrency policy proposal.
The Indian government’s stance on digital assets has been long contested by local pro-crypto campaigners, who have met today’s Supreme Court decision with a warm welcome. Today’s order marks the first time where the Court has imposed a fixed timeline on the policymakers; many view this as the last chance for the government to settle the issue on its own. If the Union fails to comply with the set timeline, the Court will make an independent ruling.
However, India's cryptocurrency enthusiasts refuse to leave matters to government officials. A collective of local industry players called Blockchain India has organized a series of meetups meant to produce a list of community-sourced suggestions for the policy. The group plans to deliver its work to the head of the inter-disciplinary committee responsible for drafting the regulations, secretary of economic affairs department Subhash Chandra.