The courtroom battle between India’s cryptocurrency exchanges and the central bank seems to be going in favor of the former. With the potential threat of a crypto ban in India, both RBI and crypto stakeholders in the country continued their arguments before the Supreme Court.

In the hearing, the SC judge questioned the RBI about choosing to ban crypto trading when it could regulate it. The court compared the crypto trading market to that of stock. It rightly pointed out that if the stock market can be governed despite the investment risks, then so can be the crypto market.

Ashim Sood, the counsel representing the Internet and Mobile Association of India, presented cryptocurrency as a nascent industry that needs regulation. The advocate spoke about how different countries have regulatory bodies for making space for crypto-assets like bitcoin.

Advocate Shyam Diwan was the counsel representing the RBI. He termed bitcoin as a private cryptocurrency which can directly impact on India’s monetary and payment systems. RBI had issued notices to discourage people from investing in these assets. However, that didn’t stop people. This led the central bank to take extreme measures such as banning the banking access to exchanges altogether. Also, the RBI’s counsel mentioned the hacking of cryptocurrency exchanges all across the globe. He added that bitcoin is a Ponzi scheme and a massive disaster.

The Government wants to make cryptocurrency in the country illegal. Thus, it had submitted a draft bill to the SC regarding the same. The Supreme Court will continue to hear the case regarding the crypto ban in India in the coming days as per the source.