The Indian supreme court has revealed that a ‘crypto bill’ will not be discussed this year.
The Supreme Court‘s decision to delay the proposed legislation is generally being seen as a positive for India’s blockchain and crypto industry.
The government had previously told the Supreme Court that a crypto currency bill was being planned for introduction in this winter session of Parliament.
The bill was was due to contain recommendations to the Ministry of finance and was to be titled “Banning of crypto currency and regulation of official digital currency bill 2019“.
In April this year India cracked down on on financial institutions who were providing services to crypto businesses.
Banks closed the accounts of crypto exchanges and many went out of business.
The Indian crypto community has been avidly campaigning for a much more crypto friendly approach as the worry is that China will surge far ahead of its Asian rival due to Beijing taking a much more crypto friendly approach recently.