Crypto matter was listed for hearing next month on 2nd August 2019, Now the tentative date for hearing is changed to 30th July 2019.
After 29th March 2019, Crypto case was listed for hearing on 23rd July 2019, but it was not taken up for hearing and listed for hearing on 24th of July, then 25th of July. On both the dates also case was not taken up for hearing and now it is listed for hearing on 30th July 2019.
Crypto matter was listed for hearing next month on 2nd August 2019, Now the tentative date for hearing is changed to 30th July 2019.
Before the day of hearing on 23rd July, Department of Economic Affairs, Finance Ministry, Government of India Published a press release and committee report on Virtual currencies. According to the press release and the report, Committee has recommended banning of the cryptocurrencies in India and imposing fines and penalties for carrying on of any activities connected with cryptocurrencies in India.
According to the Supreme Court of India order of 25th February 2019, Four weeks time was granted, as a last opportunity, to the Government of India to do the needful in cryptocurrency matter and then case was taken up for hearing again on 29th March 2019 . After hearing the counsel, Court listed the matter for hearing on 23rd of July and now it is listed on 30th July 2019.
Now the big question comes in the mind, Court has given time to the government to do the needful and before hearing on 23rd July, Department of Economic Affairs published a press release and report recommended by the committed formed by government on cryptocurrency issues. Will Supreme Court, go with the recommendations of cryptocurrency ban in India or not ?
On this matter, we approached to the first petitioner Advocate Mr. Vijay Pal Dalmia, who filed the Public Interest Litigation (PIL) in 2017 in cryptocurrency issues and later on all the other cases clubbed to this case in the Supreme Court. According to him,
The recommendations are to the Government for legislation. Once recommendation is accepted, and legislation enacted, this will result in accepting the prayer in the Public Interest Litigation title Siddharth Dalmia vs. Union of India, which is now fixed for hearing on 02.08.2019, making the PIL successful without any further intervention from the Hon'ble Supreme Court. The prayer in the PIL was ban on the Private Cryptocurrencies, and the same will stand fulfilled.
Committee has also proposed that the Government keeps an open mind on official digital currency. It has proposed that the Government may establish a Standing Committee to revisit the issues addressed in the report as and when required as virtual currencies and its underlying technology are still evolving.
In the press release, DEA also mentioned that Report of the Committee, along with the Draft Bill ‘Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019’ has been placed on its website.
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