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RBI Challenging Supreme Court Order On Cryptocurrency Regulation



RBI Challenging Supreme Court Order On Cryptocurrency Regulation: Cryptocurrency or virtual currency trading can ruin the banking system. The RBI has filed a review petition in the Supreme Court.

Supreme Court Lift RBI Ban on Crypto

Friends, as you all know, the Reserve Bank of India has removed the ban on cryptocurrency transactions. According to the Supreme Court banning cryptocurrency transactions has only stopped bank transfers.

Indian citizens are currently doing crypto trading with foreign exchange through peer to peer technology. And they cannot be stopped in any way.

Because it is a decentralized system that cannot be banned by any country or government.

We have published an article in this context, if you wish, you can read it in detail, the link is given below.

RBI lift crypto ban as per the Supreme court order.

RBI Challenging Supreme Court Order On Cryptocurrency Regulation

But the Reserve Bank of India does not like this and has filed a review petition. As per the decision of the Supreme Court.

RBI says that the implementation of cryptocurrency trading will greatly affect the Indian banking system.

We can also understand this from another example. Suppose that a person works in America and he sends money from there to India.

The person then has to resort to the bank in which the bank charges some fees from it. However, if the payment is made by cryptocurrency in place of the bank, then this cost to the bank will end.

And due to this, the banking system may have to suffer a huge loss. And somewhere it will also cause economic loss to the country.

With all these arguments, RBI has filed a petition to reconsider the decision given by the Supreme Court. Now let us see what the result is.

My Views

I think the Reserve Bank of India should see both aspects.

The first thing is that just banning trading and banning cryptocurrency payment cannot prevent any decentralized currency trading. And the Reserve Bank is well aware of this.

And the second thing is that if the Reserve Bank accepts this decision. Then they will get tax on the Indian cryptocurrency exchange. This is a very good thing and it will help a lot in our economy.

RBI Challenging Supreme Court Order On Cryptocurrency Regulation Let’s see supreme court decision on this review petition.

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