Indian law firm partner: whether cryptocurrency business is positioned as a potentially valuable financial instrument remains to be seen

Siddharth Mahajan, a partner at law firm Athena Legal in India, said it remains to be seen whether India's cryptocurrency business is positioned as a potentially valuable financial instrument or commodity after the Supreme Court overturned the Reserve Bank of India (RBI) ban. For the Reserve Bank of India, the biggest fear is the proliferation of financial instruments that are not backed and regulated by the government. Mahajan also said that at present, there is not much threat from cryptocurrencies, and it has a long way to go before becoming a financial tool that can replace real currencies.