February 12, 2025 06:11 am (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Netizens demand action against influencer Apoorva Makhija for her 'vulgar comedy' amid row over Ranveer Allahbadia's remark | Singer B Praak not to appear on Ranveer Allahbadia's podcast over 'sex' remark row | No tie-up with Congress in Bengal, says Mamata Banerjee claiming TMC enough to defeat BJP | FIR against Ranveer Allahbadia, other YouTubers over controversial 'sex' remark in a show | PM Modi arrives in Paris to take part in AI Action Summit | Is BJP considering women candidates for Delhi CM post? Speculations are rife amid party's brainstorming sessions | PM Modi departs for his crucial trip to France and US | President Droupadi Murmu takes holy dip at Triveni Sangam in Maha Kumbh Mela | Arvind Kejriwal to meet Punjab AAP MLAs amid murmurs over exodus after Delhi exit | Delhi's grand oath ceremony to be held after PM Modi returns from US: Reports

Supreme Court quashes RBI's 2018 ban on cryptocurrency

| @indiablooms | Mar 04, 2020, at 11:46 am

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)

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.
Related Videos
PM Modi's Pariksha Pe Charcha 2025 Feb 10, 2025, at 03:34 pm
PM Modi emplanes for Paris, France Feb 10, 2025, at 03:34 pm
PM Modi takes holy dip at Maha Kumbh Feb 05, 2025, at 03:10 pm