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.
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.
Crypto Exchanges’ Counsel Concludes His Arguments
After the IAMAI counsel, Nakul Dewan, the counsel representing a number of crypto exchanges, began his arguments. He explained that cryptocurrency “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 news portal detailed.
The counsel read out a few statements from other regulators, such as the U.K. Task Force, and submitted that crypto assets have the characteristics of property. He concluded that the central bank’s arbitrary measure has indirectly shut down crypto exchanges’ businesses. The hearing then ended, according to Crypto Kanoon, who said:
The counsels [are] to submit written submissions on Friday … No date is intimated for the pronouncement of judgment yet.
Soon after the hearing ended, the supreme court issued an order stating the judgment is reserved and the written submissions may be filed by Jan. 31. Local news outlet Coin Crunch India reported that the judgment is estimated to be made within three weeks. Furthermore, the court is set to hear the petitions relating to the country’s crypto policies after it has pronounced judgment on the RBI case.
Editor’s Note: This article has been updated with the court order.
How do you think the court will rule? Let us know in the comments section below.
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