October 27, 2020
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Supreme Court Allows Trading In Cryptocurrency, Revokes Ban Imposed By RBI

The RBI had in 2018 issued circular barring banks from trading in cryptocurrencies.

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Supreme Court Allows Trading In Cryptocurrency, Revokes Ban Imposed By RBI
Supreme Court Allows Trading In Cryptocurrency, Revokes Ban Imposed By RBI
outlookindia.com
2020-03-04T11:36:32+05:30

The Supreme Court on Wednesday allowed trading in cryptocurrency and revoked the 2018 ban imposed by Reserve Bank of India.

Cryptocurrencies are digital currencies in which encryption techniques are used to regulate the generation of currency units and verify the transfer of funds, operating independently of a central bank.

"We have allowed the writ petitions," a bench headed by Justice R F Nariman said while pronouncing the verdict.

According to the April 6, 2018 circular, the entities regulated by the RBI are prohibited from "providing any service in relation to virtual currencies including those of transfer or receipt of money in accounts relating to the purchase or sale of virtual currencies"

(With PTI Inputs)


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