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Wednesday

01 April 2020

Indian Supreme Court Hears In-Depth Arguments Against RBI Ban - Bitcoin News

Indian Supreme Court Hears In-Depth Arguments Against RBI Ban - Bitcoin News


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India’s supreme court spent all day hearing arguments against the crypto banking ban by the Reserve Bank of India (RBI) on Wednesday.

The counsel for the Internet and Mobile Association of India presented extensive arguments to convince the court that the central bank acted outside its jurisdiction and power in placing a banking restriction on the crypto industry.

Sood cited an RBI circular which states that crypto activities do not currently impact India’s monetary system and would not in the near future.

Sood presented several arguments that the central bank acted outside of its jurisdiction to issue the April 2017 circular to ban financial institutions from providing services to crypto businesses.

He noted that the central bank mentioned in its circular that cryptocurrencies carry volatility risk, Crypto Kanoon also reported.

Crypto Kanoon noted that in another case, “when legislature doesn’t find a reason to stop/prohibit any economic activity, then the authority doesn’t have [the] power to devise a new form to prohibit such economic activity.

The IAMAI counsel further read out the RBI’s counter affidavit, which shows that the central bank did not conduct an analysis before placing a banking restriction on the crypto industry?

Emphasizing that the central bank placed a ban on the industry because it has no power to regulate it, the counsel questioned whether any regulator can ban anything it does not have the power to regulate?

What do you think of the supreme court hearing of the crypto case today.

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