The Indian supreme court resumed hearing the writ petitions against the banking restriction by the central bank, the Reserve Bank of India (RBI), on Wednesday. Many issues were discussed, ranging from the legality of the RBI action to the classification of crypto assets and how each country regulates them.

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Supreme Court Resumes Hearing RBI Case

The Indian supreme court resumed hearing arguments on Wednesday against the banking restriction by the central bank, which it began hearing in-depth last week.

The hearing started with Ashim Sood, counsel for the Internet and Mobile Association of India (IAMAI), explaining to the court why banking support is necessary for businesses that deal in cryptocurrencies, Indian crypto news analysis platform Crypto Kanoon reported from the courtroom. Sood then argued against the legality of the RBI ban, citing the Banking Regulation Act and the RBI Act, emphasizing that the…

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Source: https://news.bitcoin.com/rbis-power-over-crypto-challenged-indian-supreme-court/