Indian government has always maintained that cryptocurrencies are a threat in addition to their stance they these are digital assets and not currencies.
Indian Supreme Court as we know has given the the Union of India 4 weeks to come out with a policy on this matter. A poll on twitter that I came across showed that majority think Indian government is unlikely to come up with a working policy.
Source
It's quite likely that this is how it will go down. With elections coming up and a whole lot of things going on it's unlikely the government will prioritise this matter.
The Garg committee is yet to present a draft but i'm hopeful that we'll see a regulatory draft sometime in 2019 if not in the next 4 weeks.
The attached image in this post is the actual order from the Supreme Court. It would be interesting to see which way this goes if the government refuses to submit the draft within a month.
RBI's mandate has made it very difficult for many businesses operating in this space in India. The only way to fix it by overturning the mandate and providing banking access once again to these exchanges.
Meanwhile, let's take a poll here and see what the results will be. So do you think Union of India will bring crypto-positive regulations in 4 weeks time?
Yes
No
You need to be logged in to vote for
the polls.
Click to log in
via HiveSigner.
No
(83.33%)
10
/ 12
83.33% Complete (success)
Yes
(16.67%)
2
/ 12
16.67% Complete (success)
