15:03 (IST)

Replying to RBI’s statements regarding its careful deliberation before taking action against crypto, Counsel argues that there is no proof of this claim. Documents submitted by the RBI only go to show that there exists research on the issue by 3rd party entities. There is no satisfactory evidence that the merits of cryptocurrency were studied independently and extensively by the RBI. Any determination regarding the legality of cryptocurrency, or possible detrimental effects that it may have, can only be made once RBI has thoroughly understood the technology’s uses.

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