The Reserve Bank of India (RBI) insists the Supreme Court of India to not meddle in their decision with regards to cryptocurrency. However, the central bank of India is averse to the idea of introducing cryptocurrency in India markets. RBI considers that cryptocurrencies like Bitcoin have no intrinsic value and therefore, it must not be entertained.
Recently, RBI has filed an affidavit with the Supreme Court. In response to one of the petitions against its crypto banking, the RBI has taken necessary steps. The central bank reportedly declares that it has acted within its power. RBI asserts that none of the petitioners has pointed out logical grounds for the apex court to intervene in their affairs.
RBI highlights that cryptocurrency lacks value. Unlike traditional currency, which is used as a medium of exchange, virtual currencies have no credibility. It urges with the Supreme Court that the petition challenging its decision is not maintainable either in law or in facts and therefore, it should be dismissed.
The Supreme Court of India was scheduled to hear all of the petitions against the crypto banking ban by the country’s central bank. However, the case has been getting postponed and now as per the reports, the court is now scheduled to hear the case on Sept. 25, as mentioned in Bitcoin News.
The central bank prohibits crypto trading in a lawful way and refuses to violate any rules that can threaten any of the country’s existing regulations. It believes that cryptocurrencies, “given their volatility, lack of intrinsic value and low adoption, satisfy none of these criteria.”
Overall, the RBI is concerned that the apex court might lift the ban on cryptocurrency. Time and again, it has emphasized to the Supreme Court to neglect all the petitions without a proper review process. it only suggests that the Reserve Bank of India is concerned regarding the relatively high probability of the Supreme Court to reverse the decision to ban crypto trading, as reported by CCN.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]