The Supreme Court of India has been neutral on the issue involving cryptocurrencies. Previously, the case had been postponed many times. However, today the judges had the opportunity of hearing out crypto-enthusiasts, as petitions against the asinine restrictions imposed by The Reserve Bank of India finally had their day in court.
Ashim Sood representing the Internet and Mobile Association of India [IAMAI] explained to the judges why banks are necessary for cryptocurrency traders and HODLers [and even corporations who deal with virtual currencies]. He pointed out the blatant absence of research before the ban was implemented by the outdated RBI.
Ashim spoke of how the central bank has no right to prohibit usage of cryptocurrencies. A move to “ban or regulate” depends fully on the legislature and not the RBI. A document by the Financial Conduct Authority was consulted by the counsel in reference to changes occurring around the world.
Regulations of other countries, belonging to the G20 were also discussed. The hearing had kicked-off a week ago. Koinex had shut down its operations in India, and Zebpay had migrated to Singapore and Malta. For now, WazirX is a top exchange that is still functioning.
A group of ministers with absolutely no clue about the workings of blockchain technology had submitted a proposal a few weeks back declaring that a blanket ban is necessary. Alongside this, a 10-year jail term may also be implemented if the ban manages to be passed by the legislature.
Apparently, the Finance Minister Nirmala Sitharaman considers the report by the ministers to be “futuristic”. I wonder what she has to say with regards to the shady Rafale deal which she vehemently defended in the Parliament. Corruption lives and breathes in every nook and corner of our country.
This is exactly why India needs cryptocurrencies to be properly regulated. A ban wouldn’t be able to hold traders back. Need I remind you that marijuana has been prohibited for decades, yet the Government and the Police are yet to produce desirable results. In fact, the demand has skyrocketed in recent times.