After prolonged delays, The Indian Supreme Court has finally started entertaining the arguments and taking the crypto businesses petitions against the central ban on banning cryptocurrency. The hearing has been going on for three days, and the crypto lawyer raised some valid points, and also raised queries about Reserve Bank of India’s (RBI) potential to ban digital currency.
The advocate representing crypto companies, in his argument, said that notwithstanding the nomenclature, cryptocurrencies are actually “currencies” for real. The petitioner also threw shots at RBI’s power to regulate digital currencies, as they can be likened to commodities. To add more substance to his statement, he pointed out different reports published by the regulator in opposing crypto, citing that most of them are contradicting in nature. The judge of the Indian Supreme Court wasn’t entirely convinced and cleared the air by stating that since the digital currencies do carry features of ‘mode of exchange’ its does put them under the acumen of the monetary regulator.
Co-founder and CEO of CoinDCX, Sumit Gupta enunciated: “I believe there are many ways in which cryptocurrencies are classified, some countries view it as a commodity and some as a property/asset. It depends on how the countries’ government values the specific asset class – if they viewed it as [a] store of value then property classification or if they viewed as [a] medium of exchange then currency or commodity classification is right.”
RBI’s failures to Regulate Led to The Ban
The lawyer gave RBI a tongue lashing by stating that failure to regulate them was the pretext on which crypto was banned. He advises that they should’ve taken other countries like United States, Japan and the European Union as an example who found a proper system to build and regulate on. He also noted that the crypto exchange, to reduce illegal stuff and activities, took steps like (KYC) to ensure safety and transparency.
The judge has heard the arguments for three days now, and hearing for further debate is on Tuesday. The world awaits the future of Bitcoin in India.