Supreme Court allows trading in cryptocurrency, cancels ban imposed by RBI

The Supreme Court has set aside RBI’s 2018 circular, which had barred banks from dealing in virtual currencies such as cryptocurrencies, including bitcoins. The petition by the Internet and Mobile Association of India had questioned the RBI’s powers to impose the ban since cryptocurrencies weren’t a “currency” in the legal sense. IAMAI insisted that cryptocurrencies were more like a commodity.

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