Supreme Court quashes RBI ban on cryptos

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The Supreme Court in a recent judgment set aside the ban imposed by the Reserve Bank of India (RBI), through its circular dated 6 April 2018, which prohibited its regulated entities (i.e., financial institutions like banks) from dealing in or facilitating banking transactions relating to virtual currencies (VCs).

In Internet and Mobile Association of India (IAMAI) v Reserve Bank of India, the RBI had issued several cautionary advisories in the form of press releases to users, holders, investors, traders and similar parties that deal in VCs, highlighting the potential financial, operational, legal, customer protection and security related risks associated with dealing in these currencies.

Thereafter, the RBI issued the circular, which was challenged, through a writ petition filed before the Supreme Court, by IAMAI, a not-for-profit organization that represents the interests of the online and digital services industry, shareholders/founders of crypto-assets exchange platforms and individual crypto-asset traders (petitioners).

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