India: Will Cryptocurrency Regulations Get Delayed Because of Elections?
India is heading towards it's next major elections that will set the course of the country for the next 5 years. Since, Supreme court has asked the government to submit it's policy on cryptocurrencies sometime later this month, there are doubts if it can actually happen.
Once the elections are announced by the Election Commission of India, the ruling government has to adhere by a model code of conduct which sets down the guidelines on how the government needs to function around this time.
However as per my understanding of the matter, it doesn't prevent the Ministry of Finance from coming out with a policy as there are clear directions on workings on this ministry. However, it's an entirely different issue whether the government wants to do it or not.
Model Code of Conduct allows institutions such as RBI to take steps towards regulating and setting monetary policies. It allows Ministry of Finance (if it takes prior approval from Election Commission) to bring any policy that deals with tax issues or make a new policy announcement amongst other things.
Once they have their approval from the Election Commission the government is able to proceed with their policy on cryptocurrencies if it intends to do that.
Let's see what happens in the next few days. The 4 week duration given by the Supreme Court of India is nearly over. I'll try to bring more updates around this soon.
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Code of conduct is already imposed but the creation of the guidelines can be submitted which is just a proposal
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what is the implication of this delay, in terms of ordinary Indians trading in the crypto markets?
Don't you think platforms like Efin could assists
https://www.efin.cx/?rc=NUKRT
@firepower, Clear guidelines and policies towards Cryptocurrencies is still an complicated subject for the Ministry Of Finance and it will not going to come under clear light with that ease. Stay blessed.
Will definitely be delayed. The moral c-o-c will be implemented pretty soon and also this Government, when not busy in elections, will be busy in so many other cases going on in the Supreme Court like Rafale hearing, Ayodhya issue etc.
I wish all governments would just keep a hands-off approach and the blockchain community could come up with some sort of self-regulation system. In an ideal world that's what would happen and would be good enough for large companies, but don't see that happening in reality. One can only hope/wish.
I think framing policy on cryptos has nothing to do with the elections as the ministry had sufficient time to complete the same. I think they would have taken months even if there had been no elections.
I don't think the deadline of supreme court can be negligated by the Goverment due to Elections
I think the government has to strictly follow the orders released by the Supreme Court of India regarding the cryptocurrencies policies. If they are delaying this they are strictly disobeying the Supreme Court orders.