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Supreme Court lifts RBI ban, allows trading in cryptocurrencies

The ban on cryptocurrencies was aimed at "ring-fencing" the country's financial system from the private virtual currencies, deemed illegal by the government.

By Newsd
Updated on :

Supreme Court on Wednesday allows plea challenging Reserve Bank of India’s circular in 2018 that barred banks from trading in cryptocurrencies such as Bitcoin.

Trading in cryptocurrencies now will be allowed.

In April 2018, the central bank had tightened rules to discourage the use of virtual currencies such as Bitcoins, prohibiting banks and financial institutions from providing any related services.

The ban on cryptocurrencies was aimed at “ring-fencing” the country’s financial system from the private virtual currencies, deemed illegal by the government.

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