Headline:  Indian Supreme Court rejects cryptocurrency petition.

Body:  I remember that when I was a kid, I would sometimes turn to a random page in our set of encyclopedias (anybody under 30, before Google, our reference information came from a limited set of books called an encyclopedia.   Really, look it up.)  Anyway, one of the pictures that completely fascinated me was a picture of the Indian Supreme Court.  Military guards in parade-type uniforms, the building itself was seemingly a tacit reminder of the solemnity of the tone within.  Add this type of impression to the fact that India will soon be the most populous nation on the planet, and you might say that I find this topic of interest.

Making India even more interesting is how they are changing.  As they change, how they execute their democracy is changing too.  But it should be noted that they take their democracy VERY seriously, sending teams of voting officials 3-4 days into the forest to obtain 1-2 votes.  Another attribute that is changing is their adoption of technology.  For centuries, India has been a poor nation and “made due” with the tools passed down by their fathers.  Now, things are changing markedly within India, as technology in all forms, is being adopted and locally adapted.   In view of these changes being made, it might be very interesting to gauge their interest in and attitude toward cryptocurrency. 

So, what happened?

The Indian Supreme Court was petitioned to come up with a regulatory framework for trading cryptocurrency.  The Court declined to do this because it sounded like “legislation” to them.

2 Sentences?  Why does this deserve an entry?

No, this one is kind of interesting.   A Mr. Wig was arrested in 2020 pursuant to a cryptocurrency charge.  He noted that there is no organized framework for a professional to follow, and thus proffered one, (ostensibly one which would make his actions legal.)  Currently, other leaders are working on one with the International Monetary Fund and has sent some regulators to various countries within Europe, to examine how they regulate cryptocurrencies.    This, however, is a slow process, as the Central Bank issued a regulation in 2018 to disallow cryptocurrency trading, and inertia is strong within finance.

The Verdict

So, why did I do this one?    Is it because I was fascinated by one image from Middle School?  Or, is there a different reason?  To be brief, I believe that what happens in India concerning cryptocurrency, has effects even in the U.S.  The sheer numbers of people in India makes it likely to be where cryptocurrency ideas are started.  So, if they are able to beat the U.S. to the punch, setting up a regulatory framework, they  are well-situated make use of cryptocurrency  Perhaps we can learn a bit from their example.  It will be interesting to watch.

REFERENCES

Indian Supreme court rejects crypto petition, highlights legislative nature (cointelegraph.com)

India’s Supreme Court Turns Away Petition Asking Government to Frame Crypto Guidelines (coindesk.com)

Indian Supreme Court Rejects Petition Seeking Cryptocurrency Regulation Guidelines | Binance News on Binance Square

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