RATE Group | RBI responds to a petition in the Supreme Court
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RBI responds to a petition in the Supreme Court

21 Jan RBI responds to a petition in the Supreme Court

Posted at 05:39h in Cryptocurrency News by

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  • The RBI says cryptocurrencies are legal as long as they are not banked.
  • The RBI continues to support the blockchain technology development across all sectors.

The Reserve Bank of India (RBI) in response to a petition filed by the Internet and Mobile Association of India (IAMAI) said that cryptocurrencies have not been banned in India. However, the central bank said that its move was only to make sure that banks do not engage in the extremely trading of digital assets.

The petition by IAMAI seeks to overturn the directive RBI issued in 2018 barring all regulated financial institutions to stop involvement in all cryptocurrency transactions. The members of the IAMAI consists of various cryptocurrency exchanges. The Economic Times shared an excerpt from the affidavit filed by the RBI in the Supreme Court on September 4, 2019.

Firstly, the RBI has not prohibited VCs (virtual currencies) in the country. The RBI has directed the entities regulated by it to not…

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