SC quashes RBI’s ban on cryptocurrency trading in India [Read full Judgement]
Internet and Mobile Association of India v. Reserve Bank of India [ Read Full Judgement below ] The Supreme Court in Internet and Mobile Association of India v. Reserve Bank of India , judgement dated 04.03.2020 has struck down the curb imposed by RBI on trading in virtual currency, cryptocurrency and bitcoins in India. The Court was hearing the matter wherein, the Internet and Mobile Association of India (IAMAI), whose members include cryptocurrency exchanges, and others had objected to a 2018 RBI circular directing regulated entities to not deal with cryptocurrencies. The petitioners had argued that the RBI’s circular taking cryptocurrencies out of the banking channels would deplete the ability of law enforcement agencies to regulate illegal activities in the industry. The Supreme Court has held, “ When the consistent stand of RBI is that they have not banned Virtual currencies (VCs) and when the Government of ...