Cryptocurrency Exchanges to Post Ad Disclaimers, Sought by High Court of India
Even when the third quarter of 2021 has begun, there is still uncertainty around the status of cryptocurrencies in India. The Reserve Bank of India (RBI) and the cryptocurrency community in the country are currently at each other’s throats.
These entities are currently fighting where the Reserve Bank of India is against cryptocurrencies and the cryptocurrency community is after legal status for the industry in India.
Amid all the ruckus and dispute among the crypto-regulatory entities, an Indian High Court has just passed a rule around the crypto-sector. According to reports, a high court in India has passed a ruling around the advertisement of cryptocurrency exchanges in the country.
The reports suggest that the particular high court based in the capital of India is aiming to introduce regulations for advertisements. The new regulation would be implemented over old and new cryptocurrency exchanges operating locally in the country.
According to local media sources, the high court of Delhi has already issued orders/notices that would be directed to cryptocurrency firms and local authorities. These notices being sent over to these entities would be for the guidelines around the posting of advertisements around cryptocurrency exchanges.
These guidelines would determine how the cryptocurrency exchanges would go about advertising their services and productions through national television.
These would also regulate the way the cryptocurrency exchanges would operate in the country when it comes to the social media sector. New Indian Express, one of the most prominent news reporting firms in India has also covered the news around the matter. The report was released by the New Indian Express on Wednesday, July 14, 2021.
It is currently not known exactly where the cryptocurrency industry and its expansion stand in India. It is among one of the most sensitive topics in the country as it involves the expansion of the country’s economy in the coming years.
This is the reason why the regulatory authorities are now aiming to come to a conclusion about the status of cryptocurrencies in the country at the earliest.
The reports suggest that the Delhi High Court is also aiming to get a response around cryptocurrencies from the regulatory authorities. At present, the Delhi High Court is seeking response and feedback from the Securities and Exchange Board of India (SEBI).
It wants to gather feedback from the major regulatory authorities in India around the status of cryptocurrencies. It has also approached the Ministry of Broadcasting and Information in India. Furthermore, it has brought major cryptocurrency exchanges onboard such as WazirX and CoinDCX to discuss the matter in detail.
According to the local media sources in India, the Delhi High Court is aiming to do this in the month of August. It seems that finally, the cryptocurrency industry may be able to find a footing in India after August 2021.