Crypto trading legitimate biz, lobby group tells Apex court

NEW DELHI: The Internet and Mobile Association of India, an association representing various crypto currency exchanges, on Wednesday argued in the Supreme Court that trading in crypto-currency in absence of a law banning such virtual currencies was perfectly “legitimate” business activity under Article 19(1)(g) of the Constitution and the RBI could not have denied them access to banking channels to carry on such a business.

Advocate Ashim Sood argued that crypto currencies were more like commodities rather than currency and that it was beyond the RBI’s jurisdiction to regulate the field.

The RBI had in a circular issued on April 6, 2018, directed that all entities regulated by it shall not deal in VCs or provide services for facilitating any person or entity in dealing with VCs.