The crypto exchanges in India have some serious questions for the RBI and the Indian supreme court is asking the central bank for answers.
The supreme court in India are hearing the case against the crypto banking ban enforced by the RBI.
Senior Advocate Shyam Divan who is on the council for the central bank continued to defend the RBI’s power to issue the ban, citing IMC recommendations and various crypto warnings issued by the central bank.
Justice Nariman has postponed the case for two weeks in order for the RBI to respond in an appropriate manner, which the central bank has agreed to, according to Crypto Kanoon.
In a heated exchange:
The judge interrupts and asks how you [RBI] are concerned with consumer protection, it is not your concern. It is [the]government’s concern and not yours.
Divan then replied saying:
the ability for cryptocurrency to be used for cross-border payments could undermine the country’s monetary policy.
For now, we must wait the two weeks for the RBI to gather their thoughts and present their findings to the court.