The Indian Supreme Court has given four weeks to the authorities in India to come up with official crypto regulation policies according to crypto news outlet Inc42 reports today.
If the government doesn’t provide a regulatory framework in the next four weeks, the Supreme Court can release their judgment. The court gave the Union of India one last chance to develop crypto regulation by stating that past the due date the court will stop hearing all of the crypto relates cases including the ones related to the Reserve Bank of India.
The Reserve Bank of India prohibited banks to provide services to individuals or business that want to use cryptocurrencies. The decision was criticized by the High Court of Delhi claiming that the bank’s decision to violates the constitution of the country but also that the supreme court will continue to support the RBI ban despite the hearing of the multiple petitions.
Despite the RBI being negative to mainstream crypto adoption, the central bank confirmed the plans of creating an Indian rupee backed central digital currency back in August 2018 but has since paused the plans for CBDC release.
Meanwhile, the governmental committee in India has released a report recently that raises concerns about how the cryptocurrencies will impact the local fiat currency if crypto ever achieves mainstream adoption in regards to payments. Also, another governmental committee issued a report suggesting that cryptocurrencies need to be legalized in India because there is a general consensus that this technology cannot be dismissed or considered as completely illegal.
Leader Suspect In Billion Dollar Laundering Via Crypto Is Seeking Extradition To Russia
‘’FinCEN acted in coordination with law enforcement’s seizure of BTC-e and Vinnik’s arrest. The Internal Revenue Service-Criminal Investigation Division, Federal Bureau of Investigation, United States Secret Service, and Homeland Security Investigations conducted the criminal investigation.’’Since he was arrested, Vinnik pleaded innocence and said that his biggest mistake was working for the BTC exchange platform. He is also believed to be involved in the Mt.Gox stolen funds scheme. The FinCEN report shows that via the BTC-e platform, more than $120 million were laundered and were connected with the now defunct platform. Vinnik is asking to be extradited to Russia after the Commissioner for Human Rights, Tatyana Nikolayevna Moskalkova asked for help from the United Nations High Commissioner for Human Rights Michelle Bachelet with the goal to take him to Russia. Tatyana claimed that Vinnik lost nearly 30% of his weight and that he needs to be with his wife who is suffering from brain cancer. In the U.S Vinnik was indicted on 21 counts and in Russia, he is only accused of smaller fraud charges that can be paid for about 10.000 Euros. The Greek court in 2017 approved Vinnik’s extradition to Russia but later another court decided to give him extradition to the United States. Later, the Greek Supreme Court ruled that Vinnik should be extradited to France so a clear decision has not been delivered yet.
Crypto Law Consultation Period Officially Started By The Swiss Federal Council
Mexico: New Crypto Regulations Could Shake The Country’s Exchanges
"If there are no Mexican-based exchanges, Mexicans will inevitably use exchanges based in other jurisdictions. Some of these foreign exchanges may be sensibly regulated by more forward-looking governments, but others may be rogue operations that deliberately evade any regulatory jurisdiction,""The average person has no idea how a car works, and yet people are allowed to drive them," the statement said. Bexico's proposals are subject to a 60-day consultation period during which a lot of things may change. Right now, industry officials and public members should outline their opinions on the case.
The Swiss Federal Assembly Approved A Motion For Crypto Regulation
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