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.
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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.