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RBI to Supreme Court: Cryptocurrencies would encourage illegal transactions

Updated : July 20, 2018 11:15 PM IST

Cryptocurrencies are "a stateless digital currency" in which encryption techniques are used for trading and these 'currencies' operate independently of a central bank like the RBI, "rendering it immune from government interference".
The bench granted time to the Centre and the RBI for filing responses and fixed the petitions for final hearing on September 11.
One of the petitions was filed by Siddharth Dalmia and Vijay Pal Dalmia and they had said that the RBI, through its circular, had directed the banks and financial institutions to freeze the bank accounts of those individuals and companies dealing in the illegal trade of virtual currencies.
RBI to Supreme Court: Cryptocurrencies would encourage illegal transactions

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