Lawyer Abraham C. Mathews describes himself as “a supreme court advocate and a chartered accountant who practices in the supreme court as well as the high court and some of the tribunals in Delhi.” Advocate from Supreme Court Of India insists cryptocurrencies cannot be regulated.
He wrote an article voicing his opinion on cryptocurrencies and the Indian government’s efforts to manage them which published in Money Control last Monday.
“Cryptocurrencies by their very nature cannot be regulated … The supreme court should resist the urge to involve.”
-Lawyer Abraham C. Mathews describes.
He further clarified the limitations of the Indian government’s capacity to regulate cryptocurrency and determines that the court ought not to immerse. Also, the crypto community anticipates the government’s regulatory framework and the supreme court hearing of the petitions against the banking ban by the central bank.
“There is simply no denying the fact that cryptocurrencies have not gained the widespread usage their early proponents predicted. However, with usage as currency still restricted to a few pockets of enthusiasts,”
– he wrote.
Mathews further expanded on his stance, saying that crypto guideline essentially can’t be upheld due to the astonishingly low likelihood of the coins ever recovered or the culprits found when an exchange is hacked. He further claims that:
“Nothing that the government introduces or requires can change this fact.”
“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 to discuss how the Reserve Bank of India (RBI) has up to this point banned banks from transacting with entities that deal with cryptocurrencies.
“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.”
-He further asserted.