The Indian supreme court heard the case against the crypto banking restriction by the Reserve Bank of India (RBI) in detail Tuesday. After many arguments challenging the RBI’s power over crypto were presented, the counsel for the central bank began making the case against cryptocurrency.
The Supreme Court of India resumed hearing the crypto case extensively on Aug. 20, after hearing it in-depth twice over the past two weeks. Advocate Ashim Sood, counsel for the Internet and Mobile Association of India (IAMAI), continued his arguments against the banking restriction by the central bank, Indian news and analysis platform Crypto Kanoon reported from the courtroom.
Sood brought up the crypto law passed in the U.S. state of Wyoming, the guidelines adopted by the state of New York, and the Howey test used by the U.S. Securities and Exchange Commission (SEC) to determine whether a token sale is a security offering, Crypto Kanoon detailed. Sood went on to discuss the crypto regulatory approaches taken by the G20 countries, as well as the guidance issued by the Financial Action Task Force (FATF) to combat the illicit use of crypto assets.
The counsel proceeded to point out that the central bank’s claim that the effect of cryptocurrency on the Indian economy is negligible is not based on any study the RBI has conducted. Several past judgments were read out to the court before the counsel concluded his arguments.
Senior Advocate Nakul Dewan then began arguing on behalf of exchanges, starting with a brief history of cryptocurrency, Crypto Kanoon conveyed.