Court asked cant u change your bank such as those which aint governed by RBI?
further says you cant come under 19(1) g till the time you have alternate to dodge the banking ban.
Counsel says he will argue on this during the course.
RBI taking actions for general consumer interest is beyond legality.
However, the law says something which is not prohibited is legally permitted.
RBI financial stability report 2013 is being referred to show why a legislative policy is necessary for Cryptos.
The judge asks question "cant RBI ban an activity in order to maintain financial stability or not as provided under the Act?"
Judge says both legislations are cognate.
Counsel answers crypto in general.
Judge says we want to understand all, give us in writing about all and how they are different.
Counsel nods in agreement and says it is similar to commodity trade, share market etc. People have consensus on its value.
Japan specifically regulates exchanges under Payment Services Act.
Judge says read the types of Virtual currencies as provided under NY law, as he finds it interesting.