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India: Union Government given four weeks by Supreme Court to draft cryptocurrency regulations and policy

Namrata Shukla



India: Union Government given four weeks by Supreme Court to draft cryptocurrency regulations and policy
Source: Pixabay

Blockchain technology and cryptocurrencies are still in their nascent stage and many countries, including India, are looking to bring in regulations in the decentralized sphere. According to recent developments, the Supreme Court of India gave the Union government an opportunity to make policy decisions about cryptocurrencies and their functions within four weeks, reported Crypto Kanoon.

A tweet from Crypto Kanoon’s Twitter handle read,

“#CryptovsRBI update!
Supreme Court has granted 4 weeks to Indian Government as the final opportunity to bring about a policy (Rules and Regulations) on Crypto currencies!”

On February 25, the apex court ruled that it is giving an opportunity to the Central government to make a policy decision before taking a stance on its own. If the Centre fails to draft a viable policy in four weeks, the Court will take a decision by itself. However, it is highly unlikely as the Union government is already working towards understanding blockchain technology and cryptocurrencies and its implications.

Before the declaration, the Internet and Mobile Association of India had challenged the Reserve Bank Of India’s [RBI] decision to ban any transaction related to cryptocurrencies. The Association called the ban unconstitutional and according to Crypto Kanoon, the Supreme Court pushed the date of hearing to late February.

India’s National Association Software and Services Companies [NASSCOM] recently released a report before a panel explaining the current scenario of India’s blockchain and cryptocurrency space. The vice-president of NASSCOM, Sangeeta Gupta, presented her findings at the NASSCOM Technology and Leadership Forum 2019. The report, titled ‘Blockchain: Hype to Hope,’ detailed the current state of the blockchain market and highlighted the opportunities that the technology could offer the global citizen.

This report stated,

“India needs to act fast & work with key stakeholders to provide regulatory certainty around Blockchain & Cryptocurrencies.”

The report also stated that new, sizable home-grown crypto exchanges suffered due to RBI’s directive to ban crypto-related trading. Debjani Ghosh, the president of NASSCOM, said that investment in the technology space has been the highest over the past five years. However, stats revealed that funds allotted for the blockchain sector have not been utilized to drive growth due to the lack of legal clarity.

The NASSCOM report stated,

“Despite VC investments pouring in blockchain, India had less than 0.2% of global investments due to uncertain policy & regulatory environment.”

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Bitcoin [BTC]: Binance’s CZ and Ryan Selkis try to predict BTC’s maximum value in the future

Akash Anand



Bitcoin [BTC]: Binance's CZ and Ryan Selkis tries to predict BTC's maximum value in the future
Source: Pixabay

Bitcoin [BTC], the world’s largest cryptocurrency has seen a surge in popularity again after the recent price increase. This movement was also helped by comments and suggestions from proponents and luminaries in the field of digital assets.

A recent tweet had asked Twitter users interested in cryptocurrencies about the “maximum reasonable price that Bitcoin can achieve in the reasonable future”, something which gained a lot of traction after the involvement of famous personalities like Changpeng Zhao and Ryan Selkis.

CZ, the Chief Executive Officer [CEO] of Binance, the world’s largest cryptocurrency exchange, answered the question by stating:

“There is no such a thing as Max price for $btc.”

He was also asked:

“Do you mean potentially infinitely high price of BTC or that in the near future goods and services will be priced in BTC and it won’t make sense to correlate it with USD?”

CZ’s reply was to the point when he claimed that there was no such thing as maximum inflation for fiat, a statement that a lot of people agreed with.

Ryan Selkis, the Founder of Messari had another opinion to the original question. He said,

“After $250k / BTC the dollar’s reserve status will be in jeopardy, so all bets are off.”

CZ and Selkis were not the first individuals to predict such positive movement as many in the past have predicted Bitcoin to reach heights of even $1 million per Bitcoin. At the time of writing, Bitcoin was trading at $7,967.54, with a total market cap of $14.21 billion. The 24-hour trading volume of the cryptocurrency was $21.04 billion, while the currency was holding a steady 0.45 percent increase in its value over the hour.

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