The case on the state of cryptocurrencies handled by the Supreme Court of India and involving the Reserve Bank of India (RBI) has been concluded. The RBI made arguments against digital currencies while the Internet and Mobile Association of India (IAMAI) was on the opposing side.
During the case, the IAMAI’s representative Ashim Sood argued that no evidence shows cryptocurrency to be a bad idea. Sood says that crypto does not affect monetary policy and will not dent India’s financial sovereignty.
Furthermore, Sood introduced RBI’s previous circular which banned banks for offering any services to businesses that deal with crypto. According to the counsel, the circular has done next to nothing to reduce or stop crypto trading as well as its use as a medium of exchange. Cross-border transactions powered by cryptocurrency have also not been affected.
In addition to Sood’s argument, another counsel for a few exchange platforms, furthered the argument. According to the attorney, Nakul Dewan, the view on crypto should be changed. Dewan argued that digital assets “should be seen from the perspective of its legal creation whereby it has characteristics of property but not by its use whereby it is akin to money.”
The Supreme Court has declared the judgement as reserved.
The RBI recently clarified its position on cryptocurrencies, saying that there is no blanket ban on digital assets.