India’s supreme court heard the crypto case on Thursday, starting with the arguments by the counsel for the Reserve Bank of India (RBI). After pointing out that the RBI ban only hurts crypto businesses but does not stop crypto trading, the court explained that “being an honest contributor to the blockchain is more profitable than trying to tamper with the chain.”

Also read: Crypto vs RBI — 3 Days of Intense Supreme Court Hearings

RBI in Hot Seat, Ban Can’t Stop Crypto

The Indian supreme court resumed hearing the crypto vs. RBI case Thursday morning. Local news platform Crypto Kanoon reported from the courtroom that Shyam Divan, counsel for the central bank, picked up his arguments from the previous day. The counsel began by reading out the RBI’s reply to crypto exchanges’ representation and briefly explained about peer-to-peer exchanges operating in India and how crypto exchanges allow their users to transfer funds abroad. He claims that this exposes them to the risks associated with FEMA (Foreign Exchange Management Act), AML…

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Source: https://news.bitcoin.com/indian-supreme-court-warms-up-to-crypto-rbis-arguments-not-convincing/