RATE Group | Supreme Court lifts curbs on cryptocurrencies, junks RBI circular
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Supreme Court lifts curbs on cryptocurrencies, junks RBI circular

05 Mar Supreme Court lifts curbs on cryptocurrencies, junks RBI circular

Posted at 00:38h in Cryptocurrency News by

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The Supreme Court on Wednesday set aside the Reserve Bank of India’s (RBI’s) April 2018 circular asking banks and entities the central bank regulated to stay away from dealing in crypto currencies, including Bitcoin.


The judgment said the circular had been “set aside on the ground of proportionality”. This has given a major relief to exchanges dealing in these crypto currencies. It opens a window for developing a market for crypto currencies, which are formally traded in derivatives markets in the US, with CME allowing trade in them.



The 180-page Supreme Court judgment, by a three-judge Division Bench, in a way allowed trading and investment in crypto assets and exchanges offering this services in India.


Crypto currencies are virtual currencies and are a digital representation of value. They can be digitally traded and can function as a medium of exchange and/or a unit of account and/or a store of value, though they…

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