We missed this earlier. On Monday last week, the Supreme Court has passed an order presenting the Central Government with a "last opportunity" to come out with regulation of cryptocurrency policy in India. After these 4 weeks, the SC will take a decision on the RBI's cryptocurrency banking ban, Bitcoin.com said. In the SC's previous order on 25 October 2018, the Supreme Court recognised that the Committee was in the process of formulating a policy, and asked for a timeline within which such a policy would be released. After scheduling two more hearings, the Court did not receive a response in this regard. The SC is not waiting for a response to this deadline, failing which, it will set out its independent view on the subject. The ban on cryptocurrency In April last year, the RBI issued a circular banning the use of cryptocurrencies. It directed all regulated entities - including banks - not to provide services to businesses dealing in virtual currencies (cryptocurrencies) like bitcoins. Entities already dealing with virtual currency had to exit the relationship within a specified time. In June, an RTI response from the RBI showed that the ban was not backed by public consultation or independent research. The following month, the Supreme Court refused to grant interim relief on the RBI order, giving a setback for cryptocurrency exchanges and investors alike. Also read: RBI's crypto ban was not backed by independent research or public consultation The RBI’s virtual ban on crypto-currencies is illogical - Guest Column Zebpay shuts down In October last year, Zebpay shutdown its cryptocurrency exchange saying that…
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