Cryptocurrency investors have been eagerly awaiting the government’s action on the RBI vs cryptocurrency case after the Supreme Court gave them a window of four weeks to come up with a regulatory framework. However, it seems unlikely that the RBI cryptocurrency case will be heard this week.
The Election Commission has already set up the Model Code of Conduct in view of the upcoming Lok Sabha elections. Considering this, it is quite unlikely that the government will come up with a policy decision on the matter. The government can easily buy time from the apex court, and push the decision after the elections. It is quite likely that we may now see some action in the case only in July 2019.
In addition, blockchain regulatory analysis platform Crypto Kanoon has also tweeted that the final causelist on March 29th will confirm whether the case will be indeed heard in the Supreme Court. Currently, the case is listed for hearing on March 29th.
It looks likely that we may have to wait a while before we can see the government’s viewpoint in the matter. As we wait for the decision, let’s all ensure that we keep making our opinions heard by tweeting to the official government handles and other channels.