Draft Released for Indian Blockchain Regulations

• Crypto versus the Reserve Bank of India has resumed its hearing with the Supreme Court earlier this week however, it is yet to pronounce judgement.
• Ashim Sood and the counsel for cryptocurrencies platforms Nakul Dewan, the judge’s bench was shown numerous arguments against the Bank’s decision.

Crypto versus the Reserve Bank of India has resumed its hearing with the Supreme Court earlier this week however, it is yet to pronounce judgement.

With IAMAI’s counsel, Ashim Sood and the counsel for cryptocurrencies platforms Nakul Dewan, the judge’s bench was shown numerous arguments against the Bank’s decision to control the behaviour of the consumer. Sood made the argument that the central body failed to present any studies or research to support the claim of how cryptocurrency could end up impacting the payment settlement. On top of this, he went on to argue that the banking ban didn’t address any of the problems the bank wanted to address such as trading, payments and of course, making transfers to foreign countries, which were still active.

The judges were encouraged by Dewan to see cryptocurrency from the perspective of his legal team. As the counsel made submissions in highlighting characteristics of cryptocurrency as property, he added that it is also seen as a financial entity. Arguments were concluded by calling the banks measures as arbitrary. The hearing supposedly concluded at the end of the 28th January with the Indian crypto space seeing new developments with further submissions of the draft by the National Institute for Smart Governance to help mould the future of blockchain in India.

In the initial draft the National Institute stated that the vision so formulating a blockchain strategy on a national level was:

“India will be one of the leading countries in the world in innovation, education, commercialization, and adoption of blockchain technology in private and public sectors by 2025.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!