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Supreme Court quashes RBI's ban on cryptocurrency

Updated : March 04, 2020 04:45 PM IST

The RBI had earlier decided to ban banks from providing services to people or businesses dealing with cryptocurrencies.

The Supreme Court on Wednesday lifted the curbs on exchanges in cryptocurrency imposed by the Reserve Bank of India. The RBI had earlier decided to ban banks from providing services to people or businesses dealing with cryptocurrencies.

The central bank had issued circulars cautioning users, holders and traders of virtual currencies, including bitcoins, regarding various risks associated in dealing with such virtual currencies. The April 6, 2019 circular was later challenged in the top court.

The central bank, in December 2018, had issued its third warning with regard to cryptocurrency, saying that using the virtual currency as a medium of exchange was not authorised by the body.

In December 2018, bitcoins grabbed headlines with the prices going as high as $15000 per bitcoin.

Published : March 04, 2020 11:07 AM IST

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