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Supreme Court Quashes RBI Ban On Cryptocurrency Trade

Supreme Court Quashes RBI Ban On Cryptocurrency Trade

Submitted by • March 5, 2020

The Supreme Court on Wednesday quashed an order by the Reserve bank of India (RBI) banning financial services firms from trading in virtual currency or cryptocurrency.Its decision comes after hearing several petitions challenging RBI’s April 2018 order imposing a ban on financial firms or individuals in India from trading in cryptocurrencies.The development comes almost two years after trading in virtual currency was banned by RBI. While the order revoked the ban on illegal cryptocurrency trade, it is worth noting that the government already prepared a draft bill that seeks to prohibit mining, holding, selling, trade, issuance, disposal or use of cryptocurrency in the country.

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