11:35 (IST)

IAMAI Counsel proceeds to read from the RBI circular banning crypto. Sood argues that the directive only serves to make crypto untradable on crypto exchange platforms without actually impacting the ability to traders to make transactions. The directive does not stop the use of VCs as a mode of payment or as a method to transferring funds abroad. Therefore, it does not actually address any of RBI’s concerns regarding the dangers posed by cryptocurrencies (i.e., money laundering and terrorist financing).

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