Jan 28, 2020
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Hearing Concluded: Indian Supreme Court Deliberates on Crypto vs RBI Case

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Hearing Concluded: Indian Supreme Court Deliberates on Crypto vs RBI Case

The Indian supreme court has finished hearing the crypto vs. Reserve Bank of India (RBI) case. The hearing concluded on Tuesday with the counsel for the Internet and Mobile Association of India wrapping up his arguments, followed by arguments by the counsel representing crypto exchanges. The court is now in deliberation.

Also read: Regulatory Roundup — New US Crypto Tax Bill, Central Banks Join Forces on Digital Currencies

IAMAI Concludes Arguments in Supreme Court

The supreme court of India resumed hearing the crypto vs. RBI case on Tuesday morning. The counsel for the Internet and Mobile Association of India (IAMAI), Ashim Sood, picked up where he left off last week. He began by saying that there was no study showing that cryptocurrency affects monetary policy, local news platform Crypto Kanoon reported from the courtroom. Sood then brought up some previous cases to discuss the central bank’s power to take preemptive steps, reading out the RBI circular which bans banks from providing services to crypto businesses.

Hearing Concluded: Indian Supreme Court Deliberates on Crypto vs RBI Case

The IAMAI counsel pointed out that the circular has neither stopped crypto trading, or its use as a means of payment, nor cross-border transactions. Therefore, it does not address any of the central bank’s concerns. Sood asserted that the circular “was always intended to control consumer behavior and it seems to been failed even in this purpose,” Crypto Kanoon conveyed.

During the hearing, Justice Ramasubramaniam mentioned that Warren Buffett has made a negative statement regarding bitcoin, to which the counsel replied by showing an article where the Berkshire Hathaway CEO said he may have made a mistake by not investing in technology companies such as Apple and Google. Sood claims that if Buffett can make a mistake, why can’t the RBI? He then concluded his arguments.

Hearing Concluded: Indian Supreme Court Deliberates on Crypto vs RBI Case
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