Urged to the Indian Supreme Court to Rule on Cryptocurrencies

The RBI has been issuing a lot of cautions against the cryptocurrency on their official website for the interest of the public of our country. The RBI has been cautioning the holders of the virtual currency and also those who are planning to hold it that there is a security risk in it as they are exposing themselves to it.

Since 2013, the RBI of the country has been trying to make the people aware of the risk that the digital currency holds within itself. The sense of relief had been experienced by the investors as some guidelines have been issued stating that the government will be punishing the culprit harshly who will try to create a fraud or defy the law of the land in this matter openly.   

An inter-disciplinary committee has been constituted by the Ministry of Finance of the country which will be examining the regulatory framework of the cryptocurrency in the country. The committee is consisting of a different official from the country of different departments, also inter alia from the stock exchange market and Reserve Bank of India are also a part of it.  The reason why this committee has been appointed of the experts in their fields is that these people will monitor the flow of the currency in the country also they are willing to constraint the cryptocurrency in the best interest of the people.

Unexpectedly last year a surge was seen flowing in the country which was announcing the arrival of the ICO’s and new crypto exchanges which have come into the market. These new ventures in the market had helped the price of the Bitcoin to ascend the ladder with an unusual value. As the prices had risen due to the ventures the investors had gained a lot of profit and this made the Bitcoin the hottest topic to be talked about. Due as it is said that everything has its pros and cons so the pro-Bitcoin carried with its increasing popularity was that it helped the investors in gaining profits but the con with it was that due to its increased popularity there was an increase in the number of frauds and crimes in the country also. Due to which an era began where the doors of the Supreme court have been knocked in order to get justice regarding the frauds and thefts.

The first PIL i.e. Public Litigation Report was filed in the Supreme Court of the country by Advocate Mr. Vijay Pal Dalmia through the Writ of Petition under Article 32 of the Constitution which is seeking a ban on the sale and purchase of the cryptocurrencies including Bitcoin, Litecoin etc in the State of India. The Writ is said to be ordered by the Apex Court of the country and is treated as a representation by the public the Reserve Bank of India will be examining the matter and has to give its answer in the specific period of time to the Court. The RBI is trying to clarify its stand because of which there will be the inter-disciplinary committee appointed by the Finance Ministry of the country.

There have been some developments in the case so far, as the Internet and Mobile Associations of India are also seen filing an application of implead with the ongoing litigation of the case they are seen pleading to the court that the decision of the Court will decide their fate so they want the Court to give a decision which will safeguard their interests also. The atmosphere around the market has given an idea to the media which indicated that it might be that the Crypto community is hopeful of gaining some relief from the Supreme Court.  And in other words of John McAfee, “You can’t stop things like Bitcoin. It will be everywhere and the world will have to readjust. World governments will have to readjust”.