Supreme Court paves way for virtual currencies

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The Supreme Court of India, in Internet and Mobile Association of India v Reserve Bank of India, on 4 March 2020, set aside the Reserve Bank of India (RBI) circular on virtual currencies, dated 6 April 2018.

The circular was issued in exercise of the powers conferred by the Banking Regulation Act, 1949, the Reserve Bank of India Act, 1934, and the Payment and Settlement Systems Act, 2007. It directed RBI-regulated entities, including banks to: (1) neither deal in virtual currencies nor provide services for facilitating any person or entity in dealing with or settling virtual currencies; and (2) exit the relationship with such persons or entities if they were already providing such services to them.

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