The RBI vs. Crypto hearings at the Supreme Court of India drew to an end after heated arguments and a judgment is anticipated to be declared soon.
Ashim Sood, counsel for IAMAI, and Nakul Dewan, counsel representing crypto exchanges CoinDCX, Koinex, Throughbit, and CoinDelta, presented a strong case for how RBI’s directive had made it difficult for exchange platforms to access adequate support from banking institutions and defended their right to operate in India.
Arguing on behalf of the country’s avid crypto community, Dewan addressed the negative impact that the ban had on crypto-based businesses. He argued that cryptocurrencies were merely a medium of exchange, comparable to fiat currencies without the backing of gold.
CoinDCX Co-founder and CEO, Sumit Gupta, reiterated these sentiments. In a statement to CryptoNewsZ, Gupta stated:
“The current banking ban is related to the closing of the restricted provision of financial services provided to crypto businesses, crypto businesses have been allowed to operate independently without support from banking institutions in India.”
In the face of RBI’s directive banning banks from any dealings with cryptocurrencies, the businesses of crypto exchanges have faced numerous challenges. However, even in the face of RBI’s ban, platforms like CoinDCX have continued to provide peer-to-peer services for buying and selling cryptocurrency through INR.
Although CoinDCX operates primarily in India and is recognized as one of India’s most reputable and trustworthy cryptocurrency exchanges, the company is based out of Singapore, which is one of the most crypto-friendly countries in the world.
India has a rapidly growing crypto community and open crypto regulations are vital to ensuring that the emerging crypto sector and grow unhindered while adhering to the laws of the nation.
In the RBI vs. Crypto hearings last week, the Supreme Court judges questioned RBI’s defense on the potential of misuse with cryptocurrencies and highlighted that being an honest contributor to the blockchain ecosystem and working truthfully with the tech was generally more profitable for industry participants than attempting to tamper with it.
The Supreme Court justices not only understood the underlying principles of blockchain and cryptocurrency but also advocated their immutability. This has given India’s crypto community hope that the Court will strike down RBI’s directive and open the nation’s door to cryptocurrency.
Sumit Gupta echoed these views:
“We remain hopeful that the arguments presented will convince the Supreme Court that crypto has a role to play in enabling India’s future growth. The crypto community of India, is prepared to support the government in learning more about the nature of the industry and the profound benefits it can present to the people of India by maintaining open dialogue around this critical issue.”
While the Courts have not indicated when a judgment can be expected, India’s crypto community hopes for a fair and favorable judgment soon.