 In the Indian context, what is the legal status of investing or trading in the cryptocurrencies or let us say digital currencies like Bitcoin, Ethereum, Ripple, Libra etc. There are hundreds of them. Well, I would say any financial element of value, be it tangible or intangible, shall have to be the subject matter of domestic regulations. Yes, and the regulations could be specific or deemed. For cryptocurrencies in the Indian context, there aren't any specific regulations. Though one could still bring them under the set of deemed regulations, perhaps treating them as financial instruments or securities. Because it is an admitted position that cryptocurrencies are not legal tenders. They are not currencies belonging to any sovereign. That's the admitted position. But there are ample laws and public policies in India which could bring these cryptocurrencies under the manifold like RBI's exchange control regulations, banking regulations, foreign exchange management act, income tax act, securities exchange laws, companies act, sale of goods laws and so on and so forth. Having said all that, I believe that the Indian Supreme Court's judgment, dated 4th March 2020, a detailed judgment running into 180 pages by a three-judge bench, has opened the debate regarding legitimacy of cryptocurrencies. Some have opined that the judgment did more harm than good as it was like throwing baby out of the bathwater. But according to me, the judgment has set the records straight that cryptocurrencies are here to stay and they are legitimate. And what is required is not complete ban or prohibition, but a set of regulations to ensure basically two principle things. One that no investor gets cheated by virtue of fraud, etc. Though we have to keep in mind that speculation is not cheating. Second, that there should be transparency enough to ensure that there is no room or scope for money laundering and terrorism financing. If these two major issues are handled, I do not think there is anything wrong or dubious or unusual about cryptocurrencies or dealing with cryptocurrencies. More so when there are nearly 2 million Indians trading in digital assets or perhaps more. It is right and right time to decisively complement its potential for the economy and articulate suitable set of regulations for investor protection and for apprehensions and addressing the apprehensions about its usage with regard to money laundering and terror financing. Let me take you through the narrative of banning and forbidding of cryptocurrencies in India to the eventual judicial recognition of cryptocurrencies as being legitimate. Obviously, the Supreme Court judgment cleared the path for the legitimacy of the cryptocurrencies. But I am still not very sure as to how the government and the parliament will respond to the same, how they will react. Reserve Bank of India had issued a circular dated April 6th, 2018, whereby it had directed the entities regulated by RBI not to deal in any virtual currencies, nor to provide any services or facilitating any person or entity in dealing with or settling virtual currencies. And to exit the relationship with such persons or entities if they were already providing such services to them. The ban went into effect about 3 months later and banks subsequently closed the accounts of crypto exchanges. Yes, a set of repetitions got to be filed in the Supreme Court thereafter, in the Supreme Court of India, by the entrusted and affected parties against the Reserve Bank of India circular, thereby challenging not only the circular but also the statement which was issued by Reserve Bank of India on the similar lines a little earlier than the circular date. The repetitions basically sought a direction to the RBI from the Supreme Court to not to restrict or restrain banks and financial institutions regulated by RBI from providing access to the banking services to them.