The wait for clarity on cryptocurrency regulations just got pushed into the next year. According to blockchain regulatory analysis platform Crypto Kanoon, the next hearing date for the RBI vs cryptocurrency case has been set at January 15, 2019. The hearing was supposed to happen earlier this week on November 20, but was adjourned due to other cases in front of India’s apex court.
It has been a long wait for cryptocurrency enthusiasts in the country has the case has got adjourned multiple times. The original hearing date of the case was supposed to September 11, but it could come for a hearing only on October 25. The court had then ordered the government to file a counter-affidavit after they learnt about the government committee set up on the matter. Since the case could not be heard this week either, it has been pushed back after the Supreme Court winter break which ends only in the first week of January 2019.
Interestingly, there were reports that the government had already submitted a counter-affidavit in court where it has announced that the committee is ready with draft regulations and will place the cryptocurrency bill in front of an Inter-Ministerial Committee in December. The Garg Committee has also planned two more meetings in December 2018 and January 2019. A lot of the crypto investors in India are hoping that the draft regulations will provide a little bit of clarity on the official position of India on cryptocurrencies.
However, Crypto Kanoon has come out and refuted reports that an affidavit has been filed by the government in the Supreme Court. They tweeted that the affidavit mentioned above may not be the same as quoted above. In addition, Crypto Kanoon has also received a copy of the government affidavit but they have said that they cannot disclose the content unless it is formally filed in the apex court.
The adjournment of the case till January 15, 2019 opens up a new set of possibilities on crypto regulations. If the government takes a positive stance on regulating cryptocurrencies, where will the case stand? Will the RBI ban be reversed? And what if, the government actually wants to ban cryptocurrencies? Lots of questions which will have to wait for the new year.