Indian Apex Court Advocate Insists that Cryptocurrencies Can't Be Controlled

Ever since the crypto wave began to spread, a lot of countries have keyed into it. Sadly, some countries are yet to experience the wonders of cryptocurrency as a result of certain limitations from their governments and India is one of those countries.
An apex court advocate has shed more light on the difficulties faced by the government in regulating cryptocurrency.

Cryptocurrencies Are Difficult To Regulate

Self-described “supreme court advocate and a chartered accountant,” in the person of lawyer Abraham C. Mathews, wrote in an article published in Money Control on Monday that:

“Cryptocurrencies by their very nature cannot be regulated … The Supreme Court should resist the urge to get involved.”

“There is simply no denying the fact that cryptocurrencies have not gained the widespread usage their early proponents predicted, with usage as currency still restricted to a few pockets of enthusiasts.”

The lawyer clarified his position by saying that crypto regulation cannot be a possibility because in the event of a hack, it will be almost impossible for stolen funds to be recovered or the thieves caught, and no intervention of the government can alter this fact.

India’s Ban on Cryptocurrency

Mathews also talked about the Reserve Bank of India (RBI) ban on financial institutions which restricts them from participating in any crypto-related transactions. According to him:

“This is, unfortunately as far as the central bank can go. You cannot regulate … something that you do not have some semblance of control over.” He continued, “This is not to say that cryptocurrencies must be declared illegal. It must be treated for what it is: a shiny new toy. Let them play with it. However, giving it statutory or regulatory legitimacy is not just imprudent, it is foolhardy.”

A Positive Regulation Is What the Community Desires

In the meantime, the crypto community is demanding for positive cryptocurrency regulation. Nischal Shetty, the CEO of Wazirx, a crypto exchange, began a social media campaign to that effect and it is currently in its 124th day. The CEO said, “Every day there are 100s of retweets and likes and thousands of views.”
The government has received many crypto regulatory framework proposals for the country. In January, the law firm Nishith Desai Associates was invited by the Ministry of Finance to present their proposals.
Just last week, the government was given an ultimatum of four weeks by the Supreme Court to draft the crypto regulation. The court was informed by the government, at the time, that the committee working on the crypto regulation is almost done with deliberations.

Related posts
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTETFNewsxbtusd

Bitcoin May Never Go Below $50k Once An ETF Is Approved, Declares On-Chain Analyst

Bitcoin may never drop below $50k asserts on-chain analyst Ki-Young Ju. But as usual, there are conditions that follow this possibility. In a tweet, Ju analyzed that Bitcoin could follow the same path that gold took in 2004 when the first…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTNewsxbtusd

Quarterback Star Tom Brady Breaks Internet After Showing Interest In Bitcoin

Tom Brady, the American athlete who is widely regarded as the “greatest” quarterback in NFL history is the latest celebrity to show interest in the world’s most valued cryptocurrency Bitcoin. Brady who has a massive Twitter following of 1.9 million…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTNewsxbtusd

Almost $200 Billion Worth Of Bitcoin Is Currently At Risk – Report Warns

A recently published 2021 crypto report by Opimas LLC, a finance-based management consultancy firm, has revealed that approximately 3,480,000 out of the world’s mined 18.5 million Bitcoin, stands vulnerable to attacks as a result of improper safekeeping. The 36-page report…