Monday, May 25, 2020 | Last Update : 11:42 AM IST

62nd Day Of Lockdown

Maharashtra50231146001635 Tamil Nadu162778324112 Gujarat140636412858 Delhi134186540261 Rajasthan70283848163 Madhya Pradesh66653408290 Uttar Pradesh62683538161 West Bengal36671339272 Andhra Pradesh2780184156 Bihar257470211 Karnataka208965442 Punjab2060189840 Telangana1854109253 Jammu and Kashmir162180921 Odisha13365507 Haryana118476516 Kerala8485206 Assam393584 Jharkhand3701484 Uttarakhand317583 Chandigarh2621794 Chhatisgarh252640 Himachal Pradesh203594 Tripura1941650 Goa66160 Puducherry41120 Manipur3220 Meghalaya14121 Arunachal Pradesh210 Mizoram110 Sikkim100

Supreme Court quashes RBI banking ban on cryptocurrency

THE ASIAN AGE
Published : Mar 4, 2020, 11:41 am IST
Updated : Mar 4, 2020, 6:21 pm IST

In April 2018, RBI gave entities it regulated 3 months to snap all banking relationships with individuals dealing in virtual currency.

Supreme Court overturned on Wednesday a central bank ban forbidding lenders from facilitating banking transactions for cryptocurrency exchanges and traders.
 Supreme Court overturned on Wednesday a central bank ban forbidding lenders from facilitating banking transactions for cryptocurrency exchanges and traders.

Mumbai: Bitcoin and other cryptocurrencies are now no longer banned in India. The Supreme Court on Wednesday lifted the ban enforced by the Reserve Bank of India two years ago, permitting trading and banking transactions to henceforth be carried out in cryptocurrencies.

The RBI had issued a circular on April 6, 2018 to banks and other financial institutions barring them from facilitating any service in relation to virtual currencies. Firms that had been dealing in virtual currencies at the time were told to wind up their services within three months, resulting in the shutdown of several startups.

Cryptocurrency exchanges such as Zebpay had to stop deposits and withdrawals in Indian Rupees. There is now hope that these exchanges will be able to resume their business.

The Internet and Mobile Association of India and other petitioners challenged the circular issued by the central bank and argued that India should follow the lead of other countries which had not only permitted transactions and trading in cryptocurrency but also launched their own virtual currencies.

Supreme Court Justice Rohinton F Nariman overturned the RBI ban calling it disproportionate.

“Historic day for Crypto in India. We can now innovate. The entire country can participate in the Blockchain revolution,” Nischal Shetty, Founder and Chief Executive of Bitcoin exchange platform WazirX, was quoted as saying by TechCrunch.

Tags: cryptocurrency, supreme court, rbi, bitcoin
Location: India, Maharashtra, Mumbai (Bombay)