Supreme Court quashes RBI's 2018 ban on cryptocurrency
New Delhi/IBNS: The Supreme Court on Wednesday ended the Reserve Bank of India (RBI)'s 2018 ban on banks from dealing in virtual currencies like cryptocurrency, media reports said.
A three-judge bench has quashed the ban which was imposed by the RBI in April 2018.
The case had entered the doorstep of the court after the ban was challenged by the industry grouping Internet and Mobile Association of India (IMAI).
IMAI had questioned the RBI's power to put such a ban considering cryptocurrency as not "currency" in the legal sense of the term.
The top court has found the complete ban as "unreasonable" and "disproportionate".
The court in a separate batch of petitions is examining the issues related to the regulation of cryptocurrency.
The IMAI in its petition had said the RBI had banned the cryptocurrency on moral grounds as no prior studies were undertaken to analyse the impact of the virtual currencies on economy.
The Supreme Court's Wednesday verdict has paved the way for a regulatory regime of cryptocurrency in India instead of a total ban which was imposed by the RBI.
(Image Credit: Wikipedia)
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