ETHERLive
ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.

---

24hr ---
--%
Wednesday Dec 13th 2017
RESOURCES

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More
SUBMIT

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story

Explanation

Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
---
--%
Home
News
Etherlive
Ether Price Analysis
Resources
Contact Us

Supreme Court Of India Requests Answers To Petition For Cryptocurrency Regulation

By

Matthew

De Silva

WriterETHNews.com

In India, legal treatment of cryptocurrency remains murky. On Tuesday, the Supreme Court of India requested clarification from a myriad of government agencies.

On November 14, 2017, local sources reported that three justices of the Supreme Court of India issued a notice to the ministries of Finance, Law and Justice, Information Technology, the Securities and Exchange Board of India, and the Reserve Bank of India. Chief Justice Dipak Misra was joined by Justices A.M. Khanwilkar and D.Y. Chandrachud in calling for a governmental response to a petition for bitcoin regulation. The justices additionally requested answers from the Income Tax Department and Enforcement Directorate.

Filed by advocate Pasupati Nath Razdan in March 2017, the petition explains, “It is submitted that certain countries have made Bitcoin (crypto money) subject to their respective tax regimes, while a few other countries have designated it as a commodity, thereby making Bitcoin (crypto money) subject to government regulation and accountable to exchequer but no such mechanism exists in India [to] date.”

The document continues, “At present, the Reserve Bank of India regards cryptocurrencies as a violation of the country’s existing foreign exchange norms. This is because the conversion of Bitcoins into foreign exchange does not currently fall under the purview of the central banking institution making such transactions highly unsafe and vulnerable to cyberattacks.”

The petition touches on a wide range of global developments and perspectives, from China’s ban on token offerings to statements from John McAfee and Jamie Dimon. It also provides details about the June 2015 shutdown of bitcoin exchange BTCX India among newer projects.

Over the last few months, conflicting reports have emerged from India about the government’s interest in digitizing the rupee. Most recently, in October 2017, the country’s chief economic advisor said that the Indian government would not issue cryptocurrency.

Matthew De Silva

Matthew is a writer with a passion for emerging technology. Prior to joining ETHNews, he interned for the U.S. Securities and Exchange Commission as well as the OECD. He graduated cum laude from Georgetown University where he studied international economics. In his spare time, Matthew loves playing basketball and listening to podcasts. He currently lives in Los Angeles. Matthew is a full-time staff writer for ETHNews.

ETHNews is commited to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest cryptocurrency, Supreme Court of India or other Ethereum law and legislation news.