The Supreme Court of India made a decision on February 25, 2019, to present the government with an ultimatum: Develop crypto regulations within the next four weeks or the court will make its own judgement.
In addition to setting this deadline, the court has refused to hear further argument from parties in the ongoing legal battle, instead forwarding the issue to the Union of India, the legal term for the federal government of India, per local media sources.
Regarded as a potential hub for crypto expansion due to its vast economy and population, the crypto scene in India has fallen into a lengthy legal battle since early 2018. In January 2019, the Indian government began to scrutinize crypto assets over possible concerns of tax evasion.
In April 2018, the Reserve Bank of India (RBI) made a unilateral statement that banks and entities…