Surrounded by the louder and louder voices in favor of Crypto regulations in India, one of the supreme court advocate assessed firmly that the cryptocurrencies are unable to be regulated. Abraham C.Mathews, the lawyer, has shared his misbelief regarding the Indian government ability to regulate the cyptocurrencies, he also stated that court should not have to deal with such a matter.
Abraham C.Mathews is introducing himself as both a supreme court lawyer and a chartered accountant who keep exercising in both the supreme court and the high court and in some other tribunals in the city of Delhi. A short time ago he wrote down an article in which he was giving voice to his fears regarding cryptocurrencies regulation by the government. He was quoted
“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,”
Advancing in the article reading, it appeared the lawyer is a pro-blockchain but is skeptical as regard cryptocurrencies ability to get to the next level as it is expected and foreseen by crypto enthusiast. He thinks the blockchain technologies have become more and more definite while the cryptocurrencies have been a fiasco.
You are unable to regulate something on which you do not have any control
While demonstrating his opinion, Mathews assessed that cryptocurrencies are not tangible enough to be under regulation. One of worst negative side of crypto is that it is barely impossible to get back a lost coin, taking into account the level of privacy a crypto has. Mathews also remind the example of cyber attack on crypto exchanges in which when fund are lost they are very rarely recovered for the most part of the losses and the users are never refunded their losses.
The lawyer insisted that whatever the level of regulations set, it won’t serve to anything if there are theft and hacks of the digital values.
He was quoted
“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.”
It is not because there are no regulations that it is illegal
Mathews then highlighted that it is not because there are no regulation set that the digital currency should be called illegal, but is should be treated as a valuable treasure. He detail his point
“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.”
Regardless of such antithetical declaration from the supreme court lawyer, the cryptocurrency enthusiasts are still expecting the government to come by reforms encompassing the whole positive regulation topic. Only a feedback on the regulation of digital values will show if they are worthy or not to be regulated.
Not long ago, the supreme court gave a 4-week ultimatum to the Indian government urging to end the regulation architecture, with the target of closing cases and petition related to the use and ban of cryptocurrencies in India.
Editor of IMD News