Continuing where it left off, the Internet and Mobile Association of India (IAMAI) continued its onslaught against the circular issued by the Reserve Bank of India (RBI) on April 5, 2018.Ashim Sood, the counsel for IAMAI, took examples of various countries and states and how they went about regulating cryptocurrency. Quoting Sood, crypto law advisory channel, Crypto Kanoon said, “Mr. Sood now explaining the law formulated by Wyoming (USA) to regulate Crypto assets and custodial services (Exchanges). Licensing requirement in NY statute is being explained. SEC guidelines on Howey’s test is being explained now on what is security token and what not.”#Crypto v.#RBIMatter is listed in Court no. 5 as item 1 today. Court has resumed.Crypto case hearing has started.Mr. Ashim Sood started his arguments. pic.twitter.com/OyyYnwzjsj— Crypto Kanoon (@cryptokanoon) August 20, 2019Inter Ministerial Committee (IMC) report which was penned by various government departments in India.At this point, a judge intervened and said, “This report seems to guide only on the aspect how the technology can be used by Intra/ inter bank transfers. And not Crypto.” However, Dewan pointed out it also made provisions for official digital currency.At this point the court dispersed for lunch. This is a developing story.Liked what you read? Join us on Telegram
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