On the need for interim clarity as the RBI mulls over regulation- Technology News, First…

Asheeta RegidiMar 23, 2020 15:13:46 IST

A couple of weeks past the landmark cryptocurrency judgment setting aside the Reserve Bank of India’s 2018 ring-fencing notification, services from banks and service providers are yet to resume in full swing. The lack of an express direction from the court on this matter has left these entities awaiting clarity from the regulator, in order to avoid the 2018 pitfall a second time. Interim clarity from the RBI is an urgent necessity, and in fact, media reports have arisen last Saturday of a law firm approaching the RBI on this very matter. 

Crypto exchange operations that have commenced operations are working with smaller, public sector banks, which are showing greater willingness to take the risk and engage with the industry. Image: Pixabay

On the ground post the verdict

The Supreme Court’s setting aside of the notification restored the pre-2018 situation, where no express prohibition was in place, but multiple cautions were. However, a…