Category Archives: Blockchain Lawyer

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Indian Community Petitions for Faster Crypto Regulation

india, Indian Community Petitions for Faster Crypto Regulation

Bitcoin.com reports that a gathering of crypto communities in India are now petitioning their government for faster clarification of crypto regulation. This comes after widespread reports and rumors about an upcoming Indian bill to ban crypto.

The Upper House of the Indian Parliament has also reportedly used its television network to broadcast a discussion of the bill as three Right to Information (RTI) requests are filed to the government. Blockchain Lawyer founder Varun Sethi has apparently started a petition on Change.org yesterday, addressed to the Department of Economic Affairs and the Reserve Bank of India (RBI), the central bank of the country.

The “Implementing Regulatory Framework for Cryptoassets in India” petition hopes to push the government to hasten its process to come up with crypto regulations and hopes to also help form the initial frameworks. It is an independent one that claims to have no private sponsorship or hopes of compensation. It reads:

“The purpose of this petition is to engage the blockchain community and the government in a more democratic and engaging environment to accelerate the implementation of regulatory framework regarding blockchain and cryptoassets in India and relinquish the ambiguity which has developed around it.”

At the time of writing, 1,581 people have signed the petition within a day, which hopes to garner 2,500 signatures.

Sethi has been an active advocate for crypto in India, and the originator of the last RTI related to the crypto bill, as last reported by Bitcoin News. The RTIs, while quickly responded to, have yet to be very helpful in clear answers, however, with the last one resulting in a denial from the central bank about any involvement with the bill.

 

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India Central Bank Denies Knowledge of Crypto Ban Bill

India Central Bank Denies Knowledge of Crypto Ban Bill

The Reserve Bank of India (RBI) has apparently denied any knowledge of or involvement with a supposed bill that would ban cryptocurrency in India, according to a report by Bitcoin.com.

In a Rights to Information (RTI) filed by Indian crypto lawyer Varun Sethi to RBI, he asked five nine-part questions related to the central bank’s role in the bill.

RBI’s reply said it had no knowledge of “any written correspondence from other ministerial departments officially to RBI” and never “sent out official communication to other departments for this matter”, confirming that there was never “any communication received from Central Government in this matter”.

It also denied receiving any copies of the draft bill nor holding any meetings to “discuss, deliberate and decide the plan of action ahead of how to ban cryptocurrencies and regulate official digital currency bill”.

Sethi summed up his surprise, believing that the central bank was a key contributor to the draft bill:

“RBI has actually stated that they have not received any communication from any department and they have also not given any communication to any government department pertaining to [the] drafting of this bill and this is very surprising.”

The founder of Blockchain Lawyer said the RTI was submitted in May after the Economic Times wrote about a bill entitled ‘Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019’. The article claimed that government ministry officials were in charge of the draft bill but Sethi said it seemed logical to ask RBI as they had been issuing previous notifications to investors.

RBI has a pending legal case versus crypto-related businesses, with a date set on 23 July 2019 with the Supreme Court.

 

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