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Ashim Sood says that the Supreme Court was faced with a balancing act in the instant case, where it was posed with questions pertaining to the RBI's powers to regulate virtual currency altogether.
The Court has gone ahead to uphold the powers of the RBI, but has also held that the rights of the citizens cannot be clipped disproportionately, Sood tells Bar & Bench.
[Watch the video here]
This is evident from the fact that the Court held that the RBI circular was being set aside on grounds of proportionality.
The Court said that when the RBI has found no adverse effect of cryptocurrency on any of the entities the Central Bank governs, and when virtual currency itself faces no ban in the country, the circular did not meet proportional standards.
Advocate Ashim Sood, who represented the Internet and Mobile Association of India (IAMAI) before the Supreme Court, speaks to Bar & Bench on the recent judgment concerning cryptocurrency in India.
In its verdict, the Supreme Court quashed a circular passed by the Reserve Bank of India (RBI) in 2018 barring banking and financial services from providing services for trading in virtual currency.