SC to rule on validity of RBI ban on cryptocurrency – india news

The Supreme Court will decide on Wednesday, the validity of the 2018 Reserve Bank of India (RBI) decision to ban banks from providing services to any individual or business entities dealing with cryptocurrencies, including bitcoins.

A bench of justices Rohinton Nariman, Aniruddha Bose and V Ramasubramanian will pronounce the judgment at 10.30 AM in a petition by Internet and Mobile Association of India (IMAI), an industry grouping that has challenged the ban.

In April 5, 2018, RBI issued a press release stating that virtual currencies (VCs), referred to as crypto currencies and crypto assets, raise concerns of consumer protection, market integrity and money laundering. In view of the associated risks, banks were asked not to deal with crypto-related businesses.

A day later, on April 6, 2018, the RBI issued a notification stating that entities regulated by it should not deal in VCs or provide services for facilitating any person or entity in dealing with or…