The cryptocurrency case finally got a hearing in the Supreme Court of India. According to blockchain regulatory analysis platform Crypto Kanoon, the first part of the hearing was focused on cryptocurrency regulation in the country.
The counsel for the government submitted to the Court the draft regulation and report prepared recently by the Inter-Ministerial Committee led by Subhash Chandra Garg. The government then requested the court to adjourn the matter as it seeks to introduce the draft Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019 in the winter session of the Parliament. The apex court then adjourned the matter for the last week of January 2020.
This is quite a big signal that the government wants to go ahead and implement the recommendations of the Garg Committee. As we have stated before, the government seems to have made up its mind to ban cryptocurrencies. The collective voice of the crypto community and pro-crypto associations such as NASSCOM will need to work harder to influence the government to shelve the bill and regulate cryptocurrencies instead. If the bill is indeed introduced in the Parliament and it becomes an Act, further legal recourse will be the only way out!